14 
business news
ARMF invests RM1.1b in
four malls in Malaysia
KUALA LUMPUR: Asian Retail Mall
Fund (ARMF) will be investing about
RM1.1 billion in four malls in Malaysia
to capitalise on the country’s positive
growth.
ARMF is a real estate fund
managed by Pramerica Real Estate
Investors, the real estate investment
management business of Prudential
Financial Inc of the United States.
Pramerica Real Estate Investors
(Asia) Pte Ltd’s portfolio management
director Bernard Loh said two of the
malls are located in the Klang Valley
899.35
35.74
while the other two are in Penang.
“The decision to invest in Malaysia
was driven by the positive growth figures
and consumer sentiment despite difficult
global market conditions,” he said at a
press conference here yesterday.
Loh was speaking after announcing
the appointment of DTZ Nawawi Tie
Leung Property Consultants Sdn Bhd as
the leasing agent and retail mall manager
for the four malls.
The latest Malaysia Retail Industry
Report placed the total retail expenditure
last year at nearly RM67.1 billion, which
was 12.8% higher than the previous
year.
“We also believe that other critical
factors like increasing tourist arrivals
and sustained domestic spending will
provide a higher revenue,” Loh said.
He said based on the Malaysian
Industrial Development Authority’s ex-
pectation of foreign direct investments
for this year exceeding RM33.4 billion
recorded last year, Pramerica is keen to
be part of an economy that still remains
competitive despite the current financial
climate and Malaysia fits the profile.
The four malls – SSTwo and Ampang
in the Klang Valley, and 1st Avenue and
Island Plaza in Penang – will provide a
total net lettable area of about 1.8 million
sq ft.
Public Bank sets up
Public Islamic Bank
KUALA LUMPUR: Public Bank Bhd
(PBB) has set up a wholly-owned
subsidiary, Public Islamic Bank
Bhd, to carry out Islamic banking
business with effect this month.
In a statement here yesterday,
PBB said its Islamic banking
business, which has been conducted
through the window concept, would
be transferred to Public Islamic
Bank.
PBB said Public Islamic Bank
would continue to share the
group’s infrastructure, information
technology platform and branch
network including the use of
automated teller machines (ATMs).
“Thus, the Islamic banking
customers of PBB will enjoy
uninterrupted service and continue
theSun | TUESDAY NOVEMBER 4 2008
Hang Seng
14,344.37
375.70
S&P/ASX200
4,221.5
203.5
TSEC
4,995.06
124.40
KLCI KOSPI Nikkei
STI
1,883.75 1,129.08 No
16.02 Trading
89.55
Out of the four malls, Island Plaza
is undergoing a major revamp over the KL market summary
next 12 to 15 months, with a total net NOVEMBER 3, 2008
lettable retail area of 326,800 sq ft. INDICES CHANGE
The three new properties – 1st Av-
FBMEMAS 5,914.23 +245.70
enue, SSTwo and Ampang – with a net
COMPOSITE 899.35 +35.74
lettable area of 428,000 sq ft, 462,800 sq INDUSTRIAL 2,126.21 +40.57
ft and 580,000 respectively, are due for CONSUMER PROD 269.24 +4.47
completion in fourth quarter next year INDUSTRIAL PROD 69.86 +2.25
and first quarter of 2011. CONSTRUCTION 156.07 +9.77
“With our three new properties and TRADING/SERVICES 126.65 +3.69
the revamp mall, we are offering local, FINANCE 6,977.60 +359.04
PROPERTIES 524.62 + 15.16
regional and international retailers a dif- PLANTATIONS 3,794.51 +237.56
ferent and wider range of retail estate to MINING 251.28 +6.08
establish their business,” Loh said. FBMSHA 6,066.68 +213.22
On whether there are plans to inject FBM2BRD 4,329.17 +40.24
the four malls into ARMF, he said: “Given TECHNOLOGY 14.47 +0.25
the market situation, we really have to
TURNOVER VALUE
look at the market situation in terms of
the stock market. But certainly the fund 982.139mil RM1.325bil
will consider at the point in time.”
AsiaMalls Management Pte Ltd,
which was appointed by Pramerica to CI up 4.14%
manage malls in Singapore, said there SHARE prices on Bursa Malaysia
were several enquiries from its tenants ended higher yesterday as senti-
in Singapore that wanted to expand their ment improved globally with the
brands in Malaysian markets. recent steps worldwide to tackle
“Singapore retailers want to expand the financial crisis, said dealers.
their brands in the view that Malaysia Interest on key index stocks,
market is less expensive in terms of especially financial related stocks,
set-up cost, rental and labour,” said its helped push the KLCI to 899.35, up
chief executive officer Michael Leong. 35.74 points or 4.14% after open-
– Bernama ing 3.43 points higher at 867.04
yesterday morning.
At home, confidence level was
higher in the market ahead of
the government’s announcement
today to introduce more measures
under the financial stabilisation
plan to support economic growth.
to perform all their transactions The announcement is sched-
nationwide. uled to be made by Deputy Prime
“The existing saving passbooks, Minister and Finance Minister
cheque books and ATM cards will Datuk Seri Najib Abdul Razak dur-
remain valid and customers can ing the Budget 2009 winding-up
continue to use them until further session in Parliament.
notice,” it said. Volume leaders KNM Group
PBB said the setting up of added eight sen to 67 sen, Lion
Public Islamic Bank reflected the Industries gained 12 sen to 73.5
group’s strong commitment to sen, IOI Corp perked 31 sen to
further enhance its Islamic banking RM3.08, Scomi improved by 3.5
business in line with the objectives sen to 34 sen and Kinsteel rose 11
of Bank Negara Malaysia’s Financial sen to 56 sen.
Sector Masterplan. As for heavyweights, Sime
Meanwhile, Ismail Ibrahim has Darby rose 15 sen to RM6.35,
been appointed chief executive MISC was flat at RM8.50, Public
officer of Public Islamic Bank. Bank added 25 sen to RM8.60,
Prior to his appointment, Ismail Maybank gained 50 sen to RM5.85
was general manager of Islamic and Tenaga Nasional perked 20
banking of PBB. – Bernama sen to RM6.15. – Bernama