Kuala lumpur: MISC Bhd 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 agreement signifies a significant commitment from both parties to maintain their presence in this iconic building.

According to BERNAMA News Agency, MISC stated that this long-term tenancy arrangement allows the company to strengthen its corporate branding and identity both within the building and externally. Additionally, it reaffirms MISC's continued presence in Menara Dayabumi and its support for the preservation of historically significant buildings in Kuala Lumpur.

In conjunction with this renewal, Petronas has committed to a comprehensive upgrading of the common areas and facilities within the building. This initiative aims to improve operational performance, enhance user experience, and align the building with current safety and sustainability standards.

The 15-year lease period comprises an initial three-year term, followed by four consecutive automatic renewal terms of three years each. MISC also disclosed that several transactions involving the interests of Petronas and the company were conducted in the 12 months preceding the announcement, with a total transacted value of RM65.81 million.