Earlier today, an investment cooperative clarified that it had not purchased a stake in the company, Mulia Property Development Sdn Bhd, from the ministry.

The ministry said it still retains majority interest in the project through MKD Signature Sdn Bhd (MSSB), which is still the primary shareholder in Mulia Property Development.

“There is no agreement on the sale of the shares to any party. The sale of MSSB’s shares in Mulia Property Development is subject to a sale and purchase agreement and a shareholders agreement struck in 2017.”

Under this agreement, the Mulia Group had the right to a call option to buy back the shares at an agreed price after it settles the loan granted by MSSB.

Earlier, Koperasi Amanah Pelaburan Bhd said it had “inadvertently communicated” to the media on Friday that it had acquired the stake in the development. The cooperative’s chairman, Ilyas Mohamed, had said the stake had been purchased from the finance ministry and the Mulia Group.

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.

However, no shares have been acquired to date.

Exchange 106 is a commercial building of 106 floors crowned with a prismatic capsule.