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Today, Telekom Malaysia Berhad sent out a press statement regarding the Menara KL Tower matter. For those who don't know, the tower got sold to Hydroshoppe Sdn Bhd which was managed by TM. The press statement explains why Menara KL was sold.
According to TM, the company wishes to clarify that Menara KL is owned by the Government while the operations and maintenance of the tower are granted under a concession. TM via its wholly owned subsidiary, Menara Kuala Lumpur Sdn. Bhd. had undertaken the concession since 1996. As part of its business transformation programme, TM is focusing its efforts and resources on strengthening its core business of telecommunications and technology. After due consideration of the change in the business nature of MKL, from telecommunications services to tourism and hospitality, TM decided in October 2021 not to renew the MKL concession and informed the Government accordingly.
Subsequently in 2022, the selection process of the new Concessionaire was then taken up by the Government upon which TM was informed of the appointed company to take over the shares of MKLSB and the MKL concession. MKLSB shall continue to operate the concession and ensure the continuity of MKL operations for the Malaysian public, including international visitors.
Employees will remain employed with MKLSB under the new Concessionaire for a minimum period of three years. This is to ensure their welfare is protected in this transition. In TM’s 3Q 2022 financial announcement to Bursa Malaysia, a reference was made to the subsequent changes to shareholding in MKLSB.
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