KUALA LUMPUR – Telekom Malaysia Bhd (TM) has clarified that Menara KL (MKL) is owned by the Malaysian government while the operations and maintenance of the tower is granted under a concession.
In a statement today, it said TM, via its wholly-owned subsidiary Menara Kuala Lumpur Sdn Bhd (MKLSB), had undertaken the concession since 1996.
However, as part of its business transformation programme, TM would like to focus efforts and resources to strengthen its core business of telecommunications and technology.
Hence, after due consideration on the change in the business nature of the tower 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, a selection process for the new concessionaire was taken up by the government. TM was informed about the appointed company to take over MKLSB shares and the MKL concession.
MKLSB shall continue to operate the concession and ensure the tower continues to attract visitors.
Employees will be employed with MKLSB under the new concessionaire for a minimum three years to protect their welfare during this transition.
The statement also said that a reference was made in the changes to MKLSB’s shareholding in TM’s third quarter financial announcement to Bursa Malaysia. – Bernama