Business

Saturday September 12, 2009

PNB to develop its land near stadiums


KUALA LUMPUR: Permodalan Nasional Bhd (PNB), the country’s biggest fund management company, plans to develop 7.2ha of land it owns surrounding Merdeka Stadium and Stadium Negara next year.

President and group chief executive officer Tan Sri Hamad Kama Piah Che Othman said the land would be developed into mixed property projects.

PNB had said earlier it planned to develop the land surrounding both stadiums into posh residential areas and business plazas at a gross development value of RM3bil.

Hamad Kama Piah said PNB was stepping up property development as earnings from its property arm were an important source of revenue for the diversified group.

“PNB will increase real estate investment to ensure its reaps commensurative returns,” he told reporters after handing over Hari Raya goodies to seven organisations and orphanages from Selangor yesterday.

On Amanah Saham 1Malaysia (AS 1Malaysia), Hamad Kama Piah said to date an estimated 2.4 billion units had been subscribed in the fixed income fund with many more units still available for sale. – Bernama

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