GuocoLand divests 20% stake in Tower REIT manager

PETALING JAYA (June 24): GLM REIT Management Sdn Bhd, the manager of Tower Real Estate Investment Trust (Tower REIT), announced a change in its shareholding following GuocoLand (Malaysia) Bhd’s divestment of a stake in the company.

According to the Bursa filing yesterday, GuocoLand (Malaysia) Bhd, the holding company of GLM REIT Management, divested a 20% equity interest in GLM REIT Management to HL Management Co Sdn Bhd (HLMC) on June 23, with the divestment completed on the same day.

HLMC is described in the announcement as a wholly-owned subsidiary of Hong Leong Company (Malaysia) Bhd, an unlisted public company incorporated in Malaysia.

Following the divestment, GuocoLand’s equity interest in GLM REIT Management stands at 80%, while HLMC holds the remaining 20%.

The announcement also stated that the Securities Commission Malaysia had approved the change in shareholding in GLM REIT Management.

The filing did not disclose the financial terms of the divestment.

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