The ongoing talks are “positive” and the fund may seek another extension to continue the discussions, PNB CEO Abdul Rahman Ahmad said.
The government-linked fund, alongside state pension fund Employees Provident Fund (EPF), had in January proposed to buy the power station building within phase two of the development for a total of £1.608 billion (US$2.11 billion). The asset consists mainly of retail and office spaces.
Both funds first agreed last month to extend the period for talks until Sept 30.
“We are still in the process of finalising the transaction, we are nearly completing our due diligence exercise. We will probably have better clarity in the fourth quarter,” Abdul Rahman told reporters at a briefing.
Property firms SP Setia Bhd and Sime Darby Property Bhd as well as EPF acquired the decommissioned coal-fired power station in 2012 through a competitive bid, taking on the redevelopment of the iconic real estate due to be completed in 2020.
EPF directly owns 20% in the project through the consortium, while PNB is a majority shareholder in SP Setia and Sime Darby Property.
Built in the 1930s, the power station stopped operating in 1983 and gradually fell into disrepair. Multiple attempts to redevelop it fell through due to costs and practical difficulties in converting the gigantic site.
iPhone maker Apple Inc announced in 2016 plans to move its London headquarters to the power station in 2021.
However, Apple has been quietly making contingency plans in case construction is delayed, the Times reported last week.
PNB also said today it has grown its total asset under management by 7.3% year-on-year to RM288.1 billion (US$69.57 billion) as at Aug 31.