PNB On Its Purchase Of Kenanga Building

Published on Business Times.

• PERMODALAN Nasional Bhd (PNB) has confirmed that it has bought the 22-storey Kenanga International Building in Kuala Lumpur from Injaz AsiaEquity Property.
  
  PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman confirmed the purchase but did not reveal the amount spent.
  
  "I cannot remember how much the purchase price was and I don't want to be quoted wrongly on this," he told reporters after announcing the income distribution for Amanah Saham Nasional in Kuala Lumpur yesterday.
  
  The 22-storey commercial building with a three-and-a-half-storey annexed podium block was bought from Injaz AsiaEquity Property Bhd, which was jointly set up by Middle East Injaz Mena Investment Co and Singapore-based Asia-Equity Partners Inc.
  
  Hamad Kama didn't elaborate on the reasons for the purchase.
  
  Meanwhile, he said PNB is also considering listing its property arm at the right time.
  
  PNB had merged three of its companies - Pelangi Bhd, Petaling Garden Bhd and Island & Peninsular - into one big property developer.
  
  On the proposed 100-storey skyscraper to be built at the Stadium Merdeka site, Hamad Kama said a study is under way and is at a very advanced stage.
  
  "The site is owned by one of our subsidiaries, Merdeka Ventures, and we are looking into it. We plan to have a board meeting soon to discuss this in detail before making an announcement on the matter which will be quite soon," he added.
  
  Hamad Kama said although there were numerous people criticising the project, what was important to PNB was whether it could get good returns.
  
  PNB manages a total of 102 billion units in trusts funds.

WOW! Oh my gosh!

PNB's president and group chief executive order, cannot remember the purchase price of the transaction in which PNB purchased a 22 storey building!

Am I reading it wrongly?

Is there an error in publication from Business Times?

How could the president and group CEO not remember the transaction price of a purchase estimated by Business Times to be worth some 250 million????

How can?

Doesn't sound so, so incredible?