Prolintas launches Malaysia’s first listed business trust
KUALA LUMPUR: Prolintas Managers Sdn Bhd, the Trustee-Manager of Prolintas Infra Business Trust (Prolintas Infra BT), which is Malaysia’s first business trust to be listed, and the promoter of Prolintas Infra BT, Projek Lintasan Kota Holdings Sdn Bhd (Prolintas), unveiled its initial public offering (IPO) prospectus yesterday.
This is in conjunction with its listing on the Main Market of Bursa Malaysia which is scheduled to take place on 25 March 2024.
The IPO exercise encompasses the listing via a business trust structure of Prolintas’ four key matured highways, namely, Ampang-Kuala Lumpur Elevated Highway (AKLEH), Guthrie Corridor Expressway (GCE), Kemuning-Shah Alam Highway (LKSA), and Kajang Dispersal Link Expressway (SILK).
Being the nation’s first business trust to be listed, Prolintas Infra BT is set to offer its unitholders a unique proposition of sustainable distributions underpinned by the long-term stability of strategically-located highways in high-traffic and densely populated areas in the Klang Valley.
The IPO of Prolintas Infra BT involves the offering of up to 539 million units in Prolintas Infra BT comprising an offer for sale, representing up to 49 per cent of the total units in issue, at a retail price of RM0.95 per IPO Unit.
Based on the total units in issue of 1.10 billion and the aforesaid retail price, the market capitalisation of Prolintas Infra BT upon listing will have the potential to reach RM1.045 billion.
Datuk Ikmal Hijaz Hashim, chairman of Prolintas Managers, highlighted that the intention behind listing the Highways is twofold: to diversify Prolintas’ funding sources, and to position the company to embark on future strategic infrastructure initiatives. Simultaneously, it presents an attractive opportunity for investors to participate in Prolintas’ continued growth trajectory.
“Prolintas Managers Sdn Bhd as the Trustee-Manager is set up with an experienced board of directors and key management, with the relevant background of combined industry expertise.
“This establishment is further supported by Prolintas Group’s distinguished directors and senior management team to assure investors of steadfast and reliable stewardship,” he elaborated.
The application period of Prolintas Infra BT’s IPO will commence immediately and closes on March 12, 2024 at 5pm.
AmInvestment Bank Berhad is the IPO’s principal adviser, lead bookrunner, joint bookrunner, managing underwriter and joint underwriter. CIMB Investment Bank Berhad and Maybank Investment Bank Berhad are joint bookrunners and joint underwriters, whilst RHB Investment Bank Berhad is a joint underwriter for the IPO.