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PKNS: What management buyout?

SHAH ALAM  : The Selangor State Development Corporation (PKNS) has clarified that there was no question of “management buyout” in its restructuring plan as the exercise only revolved around companies owned by the corporation.

“(The restructuring) is certified by Pricewaterhouse Coopers (PwC), which is a professional body appointed as an advisor to the proposal restructuring, as agreed by PKNS members,” PKNS general manager Othman Omar said in a statement today.

He said the restructuring exercise was necessary because there was a need for more efficient management of PKNS’ RM5 billion assets.

The recently established PKNS Private Real Estate Companies (PREC) will be used to streamline five core functions of PKNS and to assist in managing PKNS’s assets.

Some Umno leaders have voiced concern over the establishment of PREC for fear that it may be a cover-up company which would compromise the welfare of bumiputeras.

They questioned a deal involving a company called Central Holdings Bhd and five assets under PKNS – SACC Mall in Shah Alam, Menara PKNS in Petaling Jaya, Kompleks PKNS Shah Alam, Kompleks PKNS Bangi and Wisma Yakin in Kuala Lumpur.

Yesterday, BN assemblyperson for Kuang, Abdul Shukur Idrus claimed that the transfer of these assets to PREC was merely temporary.

Othman rejected the accusation, pointing out that Central Holdings was owned by PKNS.

“PKNS’ assets will not be sold, but only transferred to PREC to carry out building management activities more efficiently so as to strengthen PKNS’s property investment sector,” he said.

He added that tenants and business dealers will also benefit with more efficient and focused building management.-fz.com


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