PNB Merdeka Ventures Sdn. Berhad, a wholly-owned subsidiary of Permodalan Nasional Berhad (PNB),
was incorporated in June 2000 to develop the Merdeka 118 Precinct, as well as landowners and sole custodians of both the Stadium Merdeka and the Stadium Negara. Both stadiums were listed as “National Heritage” sites in October 2005 under the National Heritage Act 2005.
Since then, PNB Merdeka Ventures has carried out a thorough conservation plan, earning Stadium Merdeka the UNESCO Excellence Award for Cultural Heritage Conservation Program (Asia Pacific) in 2008.