Main Market debutant Prolintas Infra BT opens flat at 95 sen
KUALA LUMPUR: Prolintas Infra Business Trust’s (Prolintas Infra BT) share price opened flat on its debut in the Main Market of Bursa Malaysia at its issue price of 95 sen per share.
It is the first business trust to be listed on the local stock exchange.
Investment holding company Projek Lintasan Kota Holdings Sdn Bhd (PLKH) chief executive officer Datuk Mohamad Azlan Abdullah said: “We want to ensure a positive level of service to our users and the efficiency level of our operating expenditure.”
“At the end of the day, it is all about increasing the level of service to users and how we manage our traffic and costs and to provide a level of returns to our investors,” he told a press conference after the listing ceremony yesterday.
According to the trust’s distribution policy, trusteemanager Prolintas Managers Sdn Bhd aims to pay out at least 90 per cent of the trust’s distributable income to unitholders annually and is targeting to distribute a total RM70 million for the financial year ending December 31, 2024.
Prolintas Infra BT issued 1.1 billion share units, giving it a market capitalisation of about RM1.05 billion.
PLKH, which is wholly owned by Permodalan Nasional Bhd (PNB), owns a 51 per cent stake in Prolintas Infra on its listing.
AmInvestment Bank Bhd is principal adviser, lead bookrunner, joint bookrunner, managing underwriter and joint underwriter.
Meanwhile, the IPO comprised an offer-for-sale of up to 468.7 million existing units, representing 49 per cent stake in Prolintas Infra BT, of which up to 422.95 million units were made available to institutional and selected investors, including bumiputera investors approved by the Investment, Trade and Industry Ministry.
Also on offer were up to 45.75 million units under its retail tranche to the public, directors and other eligible individuals. The expected proceeds raised from the IPO is RM445.3 million.
The public portion of 27.5 million units was oversubscribed by 3.59 times after receiving a total of 7,211 applications for 126.17 million units, with a total value of RM119.9 million.
Prolintas Managers Sdn Bhd chairman Datuk Ikmal Hijaz Hashim said Prolintas Infra BT received 7,211 applications for 126.2 million units valued at RM119.9 million.
Prolintas Infra BT encompasses four matured highways, including Ampang-Kuala Lumpur Elevated Highway, Guthrie Corridor Expressway, Lebuhraya Kemuning-Shah Alam, and Sistem Lingkaran Lebuhraya Kajang. — Bernama