KUALA LUMPUR: Prolintas Infra Business Trust (BT), managed by Prolintas Managers Sdn Bhd (PMSB), made its first listed business trust in Malaysia on the main market of Bursa Malaysia.
Based on Prolintas Infra BT’s total issued units of 1.1 billion and the initial public offering (IPO) price of 95 sen per unit, the stock has a market capitalisation of approximately RM1.05 billion.
The trading stock of Prolintas Infra BT was up 4.2 per cent and achieved a mid-intraday high of 99 sen, with more than 34.8 million units traded during the first half of the trading session.
PMSB chairman Datuk Ikmal Hijaz Hashim said that after years of steadfast dedication, resolute perseverance, and relentless commitment, the company has reached this crucial and remarkable occasion to chart a historic milestone in the highway infrastructure industry.
Prolintas Infra BT encompasses four mature and highly resilient highways, including Ampang-Kuala Lumpur Elevated Highway (AKLEH), Guthrie Corridor Expressway (GCE), Lebuhraya Kemuning-Shah Alam (LKSA), and Sistem Lingkaran Lebuhraya Kajang (SILK). These highways generate significant cashflows in toll revenue and have an average remaining concession period of approximately 32 years.
These highways are strategically situated across Klang Valley and play a crucial role by providing an alternative route to the highly congested public roads and enhancing the connectivity of urbanised townships.
These highways serve almost half a million road users daily, reflecting their importance in promoting the country’s economic and social development.
In 2022, the combined traffic volume for the highways under Prolintas Infra BT was approximately 158.2 million, up 44.8 per cent from 109.3 million in 2021.
This is attributed to a 15.7 per cent market share by total traffic volume in 2021 for the urban highways in the Klang Valley, excluding the Setiawangsa-Pantai Expressway and the New Klang Valley Expressway.
According to PMSB’s distribution policy, the trustee-manager aims to pay out at least 90 per cent of the trust’s distributable income to its unitholders on an annual basis.
Specifically, it is targeting to distribute a total of RM70 million for the financial year ending December 31, 2024.
“We’re confident that the IPO will enable Prolintas to embark on future strategic infrastructure initiatives.
“We look forward to continuing our journey to create a safe, convenient and enriching user experience among all stakeholders,” Ikmal said.
AmInvestment Bank Bhd is the IPO’s principal adviser, lead bookrunner, joint bookrunner, managing underwriter and joint underwriter.
CIMB Investment Bank Bhd and Maybank Investment Bank Bhd are joint bookrunners and joint underwriters, while RHB Investment Bank Bhd is a joint underwriter for the IPO.
