PETALING JAYA: Guocoland (Malaysia) Bhd
(GLM) has completed the sale of a 20% equity stake in GLM REIT Management Sdn Bhd, the manager of Tower REIT, to HL Management Co Sdn Bhd (HLMC).
In a Bursa Malaysia filing, GLM REIT Management said the divestment was completed on June 23, reducing GuocoLand Malaysia's shareholding in the REIT management company to 80%.
HLMC is a wholly owned subsidiary of Hong Leong Company (Malaysia) Bhd, an unlisted public company.
The change in shareholding has received approval from the Securities Commission Malaysia, the company said.
GLM REIT Management manages Tower REIT, a Bursa Malaysia-listed real estate investment trust.
