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 yesterday, 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, the company said.
GLM REIT Management manages Tower-REIT, a Bursa Malaysia-listed real estate investment trust.
For the nine months ended March 2026, GuocoLand made a net profit of RM6.6mil, just over half of the RM12.1mil it made in the same period of the previous financial year.
This is despite a 37.1% year-on-year growth in revenue to RM425.3mil.
The group said the increase in revenue was mainly driven by the property development division, arising from its ongoing Emerald 9 projects.
