KLCCP Stapled Group is the largest REIT in Malaysia. It owns a number of iconic assets within the city centre of Kuala Lumpur including the PETRONAS Twin Towers and Suria KLCC. In 2020, its seven properties across the office, retail, and hotel segments were valued at RM15.7 billion altogether.
2020 was an unprecedented year. The COVID-19 induced lockdown still has an impact on corporate companies across the board. The retail and hotel segments of the KLCCP Stapled Group were negatively affected by the resurgence of cases across the country, and restrictions on large gatherings including meetings, incentives, conventions, and exhibitions (MICE) as well as interstate travel.
Here are six things I learned from the 2021 KLCCP Stapled Group AGM.
- Revenue declined by 12.9% year-on-year to RM1.2 billion while distribution per stapled security dropped by 21.1% from 38 sen in 2019 to 30 sen in 2020. The weaker performance was due mainly to the retail and hotel segments being affected by movement restricti