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 yesterday 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) CEO 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, trustee-manager Prolintas Managers Sdn Bhd aims to pay out at least 90% of the trust’s distributable income to unitholders annually and is targeting to distribute a total RM70 million for the financial year ending Dec 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, owns a 51% 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% stake in Prolintas Infra BT, of which up to 422.95 million units were made available to institutional and selected investors, including bumiputra investors approved by the Investment, Trade and Industry Ministry. – Bernama