PNB gets first new land endowment in over 40 years
KUALA LUMPUR: The 2027 Budget will strengthen Permodalan Nasional Bhd’s (PNB) mandate to grow Bumiputera wealth through a new endowment of 20.23 hectares of prime commercial land in Kuala Lumpur.
The 2027 Budget will bolster Permodalan Nasional Bhd's (PNB) goal to expand Bumiputera wealth through the acquisition of 20.23 hectares of prime commercial land in Kuala Lumpur, according to PNB president and group CEO Datuk Rizal Rickman Ramli. This marks the company's first new endowment in over four decades, since its inception in the early 1980s.
The allocation underscores PNB's founding mandate to foster Bumiputera wealth and participation via long-term value creation. Ramli emphasized the significance of this new endowment in upholding strategic Bumiputera ownership, unlocking sustainable economic value from national assets, and ensuring the benefits can persist and benefit future generations.
The land will be utilized to maximize economic potential by preserving and reinvesting capital to fuel future growth, while distributing profits to shareholders. Ramli also welcomed the government's acknowledgment of PNB's role in safeguarding Stadium Merdeka and Stadium Negara, as well as the exemption of entertainment duty for arts, cultural, entertainment, and sporting events held at these venues.
This initiative aims to promote greater public engagement and utilization of these historic landmarks, while supporting ongoing efforts to revitalize and preserve Malaysia's national heritage at Merdeka 118 Precinct.
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