KUALA LUMPUR, PBA Holdings Bhd’s subsidiary, Perbadanan Bekalan Air Pulau Pinang Sdn Bhd (PBAPP), has successfully raised RM300 million through its inaugural sustainability sukuk wakalah issuance under its sukuk wakalah programme.
In a filing with Bursa Malaysia, PBAPP said the issuance was divided into two equal tranches of RM150 million each. Tranche 1 carries a periodic distribution rate of 3.57% per annum, payable semi-annually, with a 10-year tenure maturing on Sept 4, 2035, while Tranche 2 offers a 3.75% rate per annum with a 15-year tenure maturing on Sept 4, 2040. 
Proceeds from the sukuk will be channelled towards financing projects under the Water Contingency Plan 2030, alongside other capital and operating expenditures. These initiatives fall under PBAPP’s sustainability framework, classified as eligible green projects in sustainable water and wastewater management, as well as eligible social projects in affordable basic infrastructure. The sukuk wakalah programme has received a top-tier AAA credit rating from RAM Rating Services Bhd.
