Khazanah closing down KLCC office to cut operation costs

Khazanah closing down KLCC office to cut operation costs

Managing director Shahril Ridza Ridzuan expects the move to save Khazanah about RM20 million each year in rental alone.

Sovereign wealth fund Khazanah Nasional Bhd says there is no need for two offices in Kuala Lumpur and KL Sentral. (Reuters pic)
PETALING JAYA:
Khazanah Nasional Bhd is closing down its office at the Petronas Twin Towers as part of plans to lower the sovereign wealth fund’s overall operational costs.

Managing director Shahril Ridza Ridzuan said the move would save Khazanah around RM20 million annually in rental alone, in a parliamentary inquiry with the Public Accounts Committee (PAC) on April 1.

He said there was no need for Khazanah to have two offices in Kuala Lumpur and KL Sentral.

“Our subsidiary UEM has a building in KL Sentral. We are moving there,” Shahril confirmed when contacted by FMT.

He added in the report that Khazanah has fixed costs in the form of expensive offices abroad which may not be necessary.

“In those instances, we’ll probably look at closing down those offices to make some savings there,” he said in the PAC report.

PAC had been looking into identifying management and administration issues following Khazanah’s reported loss of RM6.3 billion last year compared to RM2.9 billion in 2017.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.