PNB buys 49% stake in Rahim & Co

PETALING JAYA: Permodalan Nasional Bhd (PNB) has acquired a 49% stake in Rahim & Co International Sdn Bhd, in a bid to strengthen its property management business.

In a statement yesterday, PNB announced the formation of a strategic partnership between the two entities with the completion of a 49% acquisition of Rahim & Co.

PNB said the partnership structure was finalised following the announcement made in February 2014 of a discussion to explore potential synergistic collaboration by both companies.

This, it said, was formalised with a signing of the shareholders’ agreement, along with the exchange of documents, which was held at Menara PNB yesterday.

“The strategic partnership with Rahim & Co is envisioned to further enhance PNB’s property management activities and, given its established research capabilities, would help strengthen PNB’s current exposure across the entire real estate value chain ranging from property development, property investment and the hospitality business,” he said.

PNB added that the collaboration with Rahim & Co is also part of PNB’s continuous effort in supporting the development of bumiputra-led entities with growth potential.

With an almost 40-year solid track record, Rahim & Co is one of the leading real estate consultancy firms in the country.

Given the right strategies, PNB and Rahim & Co are confident that the strategic partnership would be a catalyst for the latter to grow into becoming a regional champion in the real estate services industry, delivering values to all stakeholders.