A few days ago, there was a lot of speculation about the ownership of KL Tower (Menara KL) and the alleged sale to an unknown company called Hydroshoppe Sdn Bhd. Telekom Malaysia (TM), the company that previously owned Menara Kuala Lumpur Sdn Bhd (MKLSB), has issued a response on the matter via Bursa Malaysia.
According to TM’s official statement, the company is focusing its efforts and resources on strengthening its core business of telecommunications and technology as part of its business transformation programme. After due consideration of the change in the business nature of Menara KL, from telecommunications services to tourism and hospitality, TM decided not to renew the MKL concession in October 2021. It added that the government has been informed of their decision accordingly.
Later in 2022, TM said the selection process for the new Concessionaire was taken by the Government and TM was informed of the appointed company to take over the shares of MKLSB and the MKL concession. To ensure the continuity of Menara KL operations for the Malaysian public and international visitors, MKLSB will continue to operate the concession.
TM added that all employees employed under MKLSB under the new concessionaire will remain for a minimum of 3 years to ensure that their welfare is protected during the transition.
Contrary to reports that the sale was done quietly, TM said the reference was made during its Q3 2022 financial update. It was announced that the group completed a share purchase agreement on 31st October 2022 to dispose of its 100% interest in MKLSB for consideration of RM3.8 million.
TM iterates that it practices good governance and transparency in its business undertakings to preserve the interest of its customers and stakeholders. TM says they are committed to providing their full cooperation and disclosures as required by the authorities.
Communications and Digital Minister Fahmi Fadzil has recently expressed concerns about the sale and he will be getting a detailed briefing on the matter on 3rd January 2023. Former Communications and Multimedia Minister Tan Sri Annuar Musa has denied any involvement in the sale of the tower’s concession.
It was reported today that the Malaysian Anti-Corruption Commission (MACC) has launched a probe into the sale of MKLSB. For clarity, the sale involves MKLSB, the company that has received the concession for the rights to operate, manage and maintain Menara Kuala Lumpur. The 420.7m tower belongs to the government of Malaysia and it was constructed on five lots of Federal Land.
[ SOURCE ]
