BPMB SUPPORTS LONG-TERM SUSTAINABLE INFRASTRUCTURE INVESTMENT THROUGH RM2.7 BILLION FINANCING TO PROLINTAS
Thursday, 11 January 2024, Kuala Lumpur – Bank Pembangunan Malaysia Berhad (Bank Pembangunan) today announced the granting of Tawarruq Asset Financing facilities totalling RM2.7 billion to Prolintas Managers Sdn Bhd (a wholly-owned company of Projek Lintasan Kota Holdings Sdn Bhd – PROLINTAS).
This financing serves as a crucial economic driver to assist PROLINTAS Group in its comprehensive restructuring exercise involving four (4) of its concessions, namely Ampang – Kuala Lumpur Elevated Highway (AKLEH), Guthrie Corridor Expressway (GCE), Lebuhraya Kemuning – Shah Alam (LKSA) and Kajang Dispersal Link Expressway (SILK) (Concession Companies).
PROLINTAS Group has embarked on a concession restructuring initiative to ensure the sustainability and affordability of the highway, with lower toll rates to the users. This restructuring also lays the foundation for listing exercise involving the Concession Companies.
PROLINTAS’ successful restructuring and years of planning by investing in the right areas, with an utmost priority for the safety and technology had assisted it in operational efficiency, thus allowed it to maintain sustainable investment return and good yield to investors after the toll rates reduction. PROLINTAS manages to fulfil its firm commitment and corporate responsibility as one of the nation’s integral asset companies for the betterment of public.
Roni Abdulwahab, Group Chief Executive Officer of Bank Pembangunan, highlighted, “Our partnership with PROLINTAS exemplifies Bank Pembangunan’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.
Dato’ Mohammad Azlan Abdullah, Group Chief Executive Officer of PROLINTAS said, “We are pleased to partner with BPMB on this financing initiative. At PROLINTAS, we are committed to providing the best highway service. The financing from BPMB strengthens our ability to facilitate capital economic development, restructure our debt while continuing to offer enhanced urban connectivity and realising our mission of becoming the commuters’ route of choice.”
Established in 1995, PROLINTAS has significantly improved the mobility of people from suburban areas to satellite cities within Klang Valley. Since its inception, PROLINTAS’ highways have benefited approximately 600,000 users daily by alleviating congestion and shortening travel time for daily commuters.