Kadir Jasin continues to pick a bone with PNB over its Menara Merdeka 118 project

THE recent trespassing incident whereby a Russian couple scaled to the ‘summit’ of Menara Merdeka 118 which is touted as the world’s second tallest building has gotten veteran journalist and blogger Datuk A. Kadir Jasin fuming.

While both adventurers from abroad have reportedly fulfilled their “thrill” and made a name for themselves by climbing the Permodalan Nasional Bhd (PNB)-owned tower, Kadir is agitated that PNB-sponsored Amanah Saham schemes may not necessarily profit from the said skyscraper.

“If this is a picture of PNB’s preparedness, how are we then to continue putting our hope and trust in it?” lamented the former Bersatu supreme council member. “The distribution of income has become lesser and lesser over the years.”

Over the weekend, Kadir has taken a swipe at PNB for spending lavishly (RM6 bil-RM7 bil) to construct the tallest building in Malaysia yet unable to guarantee profitability of funds under its management as evident from its recently declaring a 5.1% dividend for its Amanah Saham Bumiputera (ASB) scheme.

“If this so-called prestigious project is viable, can PNB kindly furnish details on its sales/rental progress so far?” requested Kadir.

Datuk A. Kadir Jasin

“From what we heard, only Malayan Banking Bhd (Maybank) will move there. As far as Maybank is concerned, this doesn’t count because it belongs to PNB. We want big national and global names that do not belong to PNB.”

On Sept 12, Maybank announced that it will be moving its headquarters to Menara Merdeka 118 which is owned by the bank’s largest shareholder, PNB. This came about after Maybank having entered into a 21-year tenancy agreement with PNB, consisting of an initial term of three years and renewal for a further six three-year terms.

The country’s largest bank by asset size will occupy 33 floors in Menara Merdeka 118, and has been offered naming and signage rights over the building, according to theedgemarkets.com.

Maybank which is 39.85%-owned by PNB said the monthly gross rent is RM10.60 per sq ft, subject to a variation subsequent to the first two terms or six years, in accordance with the terms of the tenancy agreement.

Menara Maybank is Maybank’s current HQ


With regard to the existing Menara Maybank, the group has entered into a 10-year lease agreement with PNB to lease the property to PNB on a triple net basis, meaning all expenses of Menara Maybank, including maintenance, insurance, and all taxes will be borne by PNB.

Maybank group president and CEO Datuk Khairussaleh Ramli said the decision to move Maybank’s headquarters to Menara Merdeka 118 took into consideration the cost and benefit of upgrading Menara Maybank to meet, among others, operational and efficiency advantages, and the latest standards of sustainability.

Maybank is to receive a minimum guaranteed rental which is approximately equivalent to RM12.1 mil per annum over the 10-year period. PNB may rent out Menara Maybank to sub-tenants. – Dec 29, 2022

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