KFH, not KFHMB, pulled out of Icon deal

KUWAIT Finance House (Malaysia) Bhd (KFHMB) has clarified that it is not a party to an aborted deal to buy a building in Kuala Lumpur.

Rather, it was Prompt Symphony Sdn Bhd (PSSB), a special purpose vehicle created by Kuwait Finance House KSC and a subsidiary of Autron Corp Ltd, that pulled out of a deal to buy The Icon building from Mah Sing Group Bhd for RM237 million.

KFH is the parent company of KFHMB. KFH would take up 80 per cent of PSSB while Autron would subscribe for the rest of the shares, according to Mah Sing's initial announcement on the deal in 2007.

"As far as KFHMB is concerned, it maintains a positive outlook in conducting business in the country and continues to seek potential investment opportunities," KFHMB said in a statement released last week.

By Business Times