Permodalan Nasional Berhad (PNB), Malaysia’s state-owned asset manager, is reportedly evaluating the potential sale of its toll road subsidiary, Projek Lintasan Kota Holdings Sdn Bhd (Prolintas), in a transaction that could be valued at approximately RM3 billion, according to individuals familiar with the matter.
Sources, who requested anonymity due to the private nature of the discussions, indicated that PNB is working with a financial adviser on the potential divestment. The firm has reportedly initiated contact with prospective investors, including established industry participants and private equity firms, to assess preliminary interest.
While deliberations are still ongoing, the sources noted that PNB has not ruled out the option of retaining Prolintas should market conditions or strategic priorities change.
In a statement provided via e-mail, PNB said that as a long-term investor focused on delivering sustainable returns, it routinely reviews its investment portfolio to identify opportunities that enhance value. This includes considering potential divestments and strategic repositioning. The institution added that all investment decisions are made through a rigorous governance framework aligned with its core objectives.
PNB reiterated its policy of not commenting on speculation or rumours. It affirmed that any significant developments would be disclosed through the appropriate regulatory channels.
The potential sale comes amid a broader slowdown in deal-making activity involving Malaysian companies. Mergers and acquisitions volume has declined by approximately 46% year-on-year, reaching US$4.2 billion to date, according to data compiled by Bloomberg.
Founded in 1995, Prolintas is wholly owned by PNB and operates several expressways and urban highways, primarily within the Klang Valley. The company has also adopted artificial intelligence and machine-learning technologies to enhance safety and operational efficiency.
Prolintas holds a 51% stake in Prolintas Infra Business Trust Bhd, a publicly listed entity on Bursa Malaysia. The trust, which owns a portion of the group’s highway assets, has a current market capitalisation of RM1.1 billion.
-Bloomberg
