TNB to buy 33-storey corporate tower for RM232m

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) has proposed to acquire a 33-storey corporate tower with common facilities and 460 parking bays which will be used to house its operations around Petaling Jaya and Bangsar for RM232 million.

In a filing to Bursa Malaysia on Monday, Jan 31, TNB said it had entered into a sale and purchase agreement (SPA) with Magic Coast Sdn Bhd (MCSB) to buy the building, which is part of a development known provisionally as Dua Sentral which is 91% completed.

Dua Sentral which also comprises hotel and residential suites is scheduled for completion six months after the SPA date.

The acquisition is deemed a related-party transaction as a substantial stake in TNB is held by Khazanah Nasional Bhd, a unit of Ministry of Finance, Incorporated (MoF). MCSB, on the other hand, is owned by Amanah Raya Bhd, which is in turn owned by MoF.

The group expects to use internally-generated fund to buy the building, and the consideration works out to RM540 psf, said TNB.

TNB non-independent directors Tan Sri Leo Moggie, Datuk Seri Che Khalib Mohamad Noh, Datuk Puteh Rukiah Abd Majid, Datuk Mohammad Zainal Shaari and Datuk Ir Azman Mohd are deemed interested in the transaction, as they are the nominees of MoF and Khazanah, and will thus abstain from deliberating and voting on the relevant resolutions at the board meeting.