Permodolan Nasional Bhd (PNB) has obtained the development order to build the 100-storey Menara Warisan Merdeka from Kuala Lumpur City Hall.
However, there are several conditions attached to the the development order, including those related to legal matters, said PNB president and chief executive officer Tan Sri Hamad Kama Piah Che Othman.
“We are studying the terms in order to fulfil them. We must ensure proper planning because the development order is approved with conditions,” he said after announcing the income distribution for Amanah Saham Wawasan 2020 for the year ended August 31 2012, here, yesterday.
Earlier reports said PNB would be undertaking the RM5 billion Warisan Merdeka development in three phases over 10 years, starting with the 100-storey tower this year.
The tower which touted to be the country’s tallest, will cost RM2.5 billion to RM3 billion and will have gross floor space of three million sq ft and net floor space of 2.2 million sq ft. It is scheduled to be completed in 2015.
Meanwhile, PNB will announce the divestment of its fifth non-core subsidiary to eligible Bumiputera companies by October.
“Four companies have already been divested so far. We hope everything will be settled by the first half of next year,” he said.
These are FEC Cables (M) Sdn Bhd, Inobel Sdn Bhd, U-Travelwide Sdn Bhd and U-Insurance Sdn Bhd, added Hamad.
Earlier it was reported that PNB will start the ground works on the proposed 100-storey Menara Warisan Merdeka project by the middle of 2012. It was also reported that the development will have a shopping complex and condominium.