RHB Daewoo sells Bandar Wawasan Office Tower for RM105mil

KUALA LUMPUR, Jan 5, 2005: Another block of RHB Daewoo Sdn Bhd’s (“RHB Daewoo”) Bandar Wawasan (Vision City) project has been sold to Majlis Amanah Rakyat (Mara).

The 32-storey Menara 3 or Office Tower 3 (OT3), which was completed in 2001, has been acquired by Mara for RM105 million or about RM480 per square foot (psf).

The acquisition of OT3 by Mara was sealed during a signing of the sale and purchase agreement ceremony held at the Mara headquarters here today.

The Director-General of Mara Dato’ Zamani Md Noor and Council Secretary Fuziah Ahmad signed on behalf of Mara while Director of RHB Daewoo Norazzah Sulaiman and RHB Capital Bhd (“RHB Capital”) Company Secretary Azman Shah Md Yaman signed on behalf of RHB Daewoo.

The signing ceremony was witnessed by Mara Chairman Dato Seri Abdul Hamid Zainal Abidin and RHB Capital Executive Chairman Dato Sri Sulaiman Abdul Rahman Taib.

This is the third tower in the Bandar Wawasan project that has been sold. In 1996, RHB Daewoo sold Office Tower 1 (OT1) of the project to Bank Industri Bhd, while Office Tower 2 (OT2) was sold to Kuala Lumpur City Hall (DBKL) in 2000.

Commenting on the sale, Dato Sri Sulaiman said: “Proceeds from the sale of OT3 will be used to reduce bank borrowings and pay creditors where applicable. This will also help RHB Daewoo reduce holding costs, and therefore augurs well for RHB.”