KUALA LUMPUR, PNB Merdeka Ventures Sdn Bhd, a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), has unveiled plans for an Islamic medium-term notes programme worth up to RM6 billion, to be issued under the Merdeka Sukuk Wakalah.
In a statement, the company said the funds raised will be utilised to refinance existing sukuk as well as to secure fresh capital for the continued development of the Merdeka 118 precinct.
“As part of our commitment to sustainability, we have enhanced our sustainable finance framework to ensure alignment with the latest guidelines. The updated framework expands the range of eligible projects and gives us flexibility to issue diverse sustainable finance instruments,” PNB Merdeka said. The sukuk programme will be jointly arranged by CIMB Investment Bank Bhd and Maybank Investment Bank Bhd.
PNB Merdeka CEO Tengku Ab Aziz Tengku Mahmud said the issuance will strengthen the financial foundation of the project while optimising funding costs. “We believe this programme will not only support the progress of Merdeka 118 but also reinforce its position as a landmark that embodies national pride and sustainable growth,” he said.
The Merdeka 118 Tower, the centrepiece of the precinct, continues to establish itself as a premier business destination in Kuala Lumpur, with current office occupancy at around 70%. The tower has already attracted a mix of leading corporates, including financial institutions and multinational companies.
Complementing the office space, the seven-storey 118 Mall is set to become a lifestyle destination with retail, dining, and entertainment offerings. Nearly 70% of its space has already been taken up ahead of its official opening.
MARC Ratings Bhd has assigned a preliminary rating of AAAIS with a stable outlook to the Merdeka Sukuk Wakalah programme, underscoring the project’s strong credit standing and long-term potential.
