KUALA LUMPUR, Jan 26 (Bernama) -- KLCC Property Holdings Berhad (KLCCP) is pleased to announce that it has entered into a share purchase agreement with the existing shareholders of Suria KLCC Sdn Bhd (Suria KLCC) - Ocmador (Malaysia) City Retail Centre Sdn Bhd, Port Moresby Investments Limited and Bold Peak Sdn Bhd, to acquire the remaining 40% equity interest for a purchase consideration of RM1,950 million (Proposed Acquisition). 
 
Upon completion of the Proposed Acquisition, Suria KLCC, a 60%-owned subsidiary of KLCCP will become a wholly owned subsidiary of KLCCP. KLCCP and KLCC Real Estate Investment Trust (KLCC REIT), collectively known as KLCCP Stapled Group is Malaysia’s largest self-managed stapled security that invests, develops, owns, and manages a stable of iconic and quality assets and constitutes 31% of Bursa Malaysia’s Real Estate Investment Trust (REIT) Index.
 
Datuk Md. Shah Mahmood, Chief Executive Officer of KLCCP, said, “This Proposed Acquisition will solidify KLCCP’s overall portfolio and is anticipated to generate yield of approximately 6% to 7%. With a focused tenant strategy, deep data driven customer understanding and its long-term plans to revitalise the retail industry, Suria KLCC has positive long-term prospects and will be value accretive to the asset portfolio of KLCCP Stapled Group”.
 
The Proposed Acquisition will be funded by external borrowings and is expected to be completed by second quarter of 2024.
 
Suria KLCC is Malaysia's iconic experiential shopping destination with over 350 specialty stores ranging from global fashion brands and flagship stores to local favourites. Over the years, Suria KLCC has transcended the bricks and mortar and digital marketplace, taking the lead in the retail industry by evolving the customer experience with immersive, unique lifestyle experiences, driving strong tenant sales, and high occupancy & footfall.

About KLCCP Stapled Group

KLCC Property Holdings Berhad (KLCCP) and KLCC REIT, collectively known as KLCCP Stapled Group is Malaysia's largest self-managed stapled security that invests, develops, owns and manages a stable of iconic and quality assets.  KLCCP Stapled Group became the first ever Shariah compliant stapled structure in Malaysia upon the listing of KLCC Stapled Securities (KLCCSS) on 9 May 2013 and trades under the REIT sector of the Index as a single price quotation.

With KLCCP Stapled Group's core business in property investment and development, the Group has a diverse property portfolio largely located within the Kuala Lumpur City Centre comprising prime Grade A office buildings, a premier retail mall and a luxury hotel. The stabilised and wholly owned assets namely PETRONAS Twin Towers, Menara ExxonMobil and Menara 3 PETRONAS are under KLCC REIT and the non-wholly owned assets and assets with development and redevelopment potential, Suria KLCC, Mandarin Oriental, Kuala Lumpur hotel and a vacant land (Lot D1) are in KLCCP. KLCCP also has a 33% stake in Menara Maxis.

KLCCP Stapled Group 

Two of KLCCP's wholly owned subsidiaries, namely KLCC Urusharta Sdn. Bhd. and KLCC Parking Management Sdn. Bhd. are engaged in providing facility management services and car parking management services respectively. The REIT Manager who is engaged to manage and administer KLCC REIT is internal and resides within KLCCP as a 100% owned subsidiary.
 
KLCCP Stapled Group is continuously recognised for its excellence in the industry for demonstrating strong environmental, social and governance practices. In pursuing its sustainability journey, the Group aligns its reporting to the United Nation's 2030 Agenda across five critical dimensions - People, Planet, Prosperity, Peace and Partnership, in line with its commitment to contribute towards the United Nation's Sustainable Development Goals. For a better insight into the Group's ESG Profile and Disclosures, please visit ESG World at https://www.klcc.com.my/sustainability.php.

Issued by:
 
Group Strategic Communications and Investor Relations 

SOURCE : KLCC (Holdings) Sdn Bhd

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Yasmin Abdullah
Head, Corporate Communications
Group Strategic Communications and Investor Relations
KLCC (Holdings) Sdn Bhd
Tel: +60 2783 7584 
Email: yasmina@klcc.com.my

--BERNAMA