In a statement to FMT, Koperasi Amanah Pelaburan Bhd (KAPB) said it had “inadvertently communicated” to the media on Friday that it had acquired the stake in the development.

Then, KAPB chairman Ilyas Mohamed confirmed the purchase of a 51% stake in Mulia Property Development, which developed Exchange 106, saying the deal was signed more than a year ago but details will be finalised by June.

He said the stake had been purchased from the finance ministry and the Mulia Group. While he declined to reveal the amount of money involved, Ilyas described it as a “fantastic deal”.

This led to questions from former prime minister Najib Razak and Klang MP Charles Santiago over the lack of details on the takeover of the finance ministry’s stake in the development.

KAPB today explained that its affiliate company, AP Holding Bhd has entered into an agreement with the Mulia Group on a strategic partnership which includes the option to acquire a stake in Exchange 106 subject to the finance ministry’s consent.

“At this juncture, we confirm that no acquisition of the shares in the Exchange 106 has taken place nor is there a need to enter into an agreement with the finance ministry and/or its affiliated companies with regard to the Exchange 106.”