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KUALA LUMPUR (Dec 25): Property developer Malton Bhd, whose executive chairman Tan Sri Desmond Lim Siew Choon holds a 43.33% stake in the company, said on Friday that it is in talks to sell Pavilion Bukit Jalil Mall here to Pavilion Real Estate Investment Trust (REIT).
Pavilion Bukit Jalil Mall is located within the 50-acre Bukit Jalil City, a development under Malton.
In a bourse filing, Malton said MTrustee Bhd, acting as the trustee of Pavilion REIT, has accepted an invitation from its subsidiary Regal Path Sdn Bhd to commence discussion for the potential sale of the mall.
“The mall, which has approximately 1.8 million sq ft in retail space, opened its door to shoppers on Dec 3, 2021,” Malton said, adding that further announcements on the matter will be made in due course.
Lim is also the chairman and non-independent executive director of Pavilion REIT Management Sdn Bhd, the manager of Pavilion REIT. Currently, the trust's portfolio comprises Pavilion Kuala Lumpur Mall, Intermark Mall, Da Men Mall, Elite Pavilion Mall and Pavilion Tower.
Malton shares closed one sen or 2% lower at 49 sen, valuing it at RM258.79 million. Meanwhile, Pavilion REIT units were unchanged at RM1.27, with a market capitalisation of RM3.87 billion.
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