Business Times– Prolintas gets RM2.7b financing to restructure four highway concessions
KUALA LUMPUR, 11 January 2024
Bank Pembangunan Malaysia Bhd (BPMB) has granted RM2.7 billion financing facilities to Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) to assist in the comprehensive restructuring of its four highway concessions.
It will also help with the listing exercise of its concession companies. Prolintas accepted the Tawarruq asset financing facilities through wholly owned company, Prolintas Managers Sdn Bhd.
The four highway concessions being restructured are Ampang – Kuala Lumpur Elevated Highway (Akleh), Guthrie Corridor Expressway (GCE), Lebuhraya Kemuning – Shah Alam (LKSA) and Kajang Dispersal Link Expressway (SILK).
It manages another two highway concessions, namely Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) and Damansara-Shah Alam Elevated Expressway (DASH).
Prolintas' concession restructuring initiative is to ensure the sustainability and affordability of the highway, presenting lower rates to travellers through an extension of the concession period.
The statement, jointly released by Prolintas and BPMB, said the Prolintas' successful restructuring and years of planning by investing in the right areas has allowed it to maintain sustainable investment return and good yield to investors after the toll rates reduction.
"Our partnership with Prolintas exemplifies BPMB's commitment to delivering impact capital for national development and our counter-cyclical role in bolstering long-term sustainable infrastructure investment. Given their integral role in the Kuala Lumpur outer ring road system, these highways play a crucial part in linking communities to satellite cities and economic hubs within the Klang Valley," BPMB group chief executive officer (GCEO) Roni Abdulwahab said.
Prolintas GCEO Datuk Mohammad Azlan Abdullah said BPMB's financing will help the company to continue enabling access to support economic development, restructure its debt to make it more feasible while continuing to offer enhanced urban connectivity and realising our mission to become the commuters' route of choice.
Prolintas's highways handle about 600,000 users daily.
Prolintas is an investment holding company jointly owned by Permodalan Nasional Bhd (PNB) and Amanah Saham Bumiputera (ASB). « Back