KUALA LUMPUR (June 4): MISC Bhd (KL:MISC) has entered into a long-term tenancy agreement with Petroliam Nasional Bhd (PETRONAS) to renew the lease of its office space at Menara Dayabumi, Kuala Lumpur, in a deal valued at an estimated RM433 million over 15 years.
The energy-related maritime company said that “with this long-term tenancy arrangement, MISC can strengthen its corporate branding and identity both within the building and externally, while also reaffirming its continued presence in this iconic building and its support for preservation of historically significant buildings in Kuala Lumpur.”
“In parallel, PETRONAS has committed to a comprehensive upgrading of the common areas and facilities within the building to improve operational performance, enhance user experience and align the building with the current safety and sustainability standards,” it said in a stock exchange filing.
The period of 15 years consists of an initial three-year term followed by four consecutive automatic renewal terms of three years each.
MISC said several transactions involving the interests of PETRONAS and the company were undertaken in the 12 months preceding the announcement, with a total transacted value of RM65.81 million.