Prolintas obtains financing from Bank Pembangunan

KUALA LUMPUR: Bank Pembangunan Malaysia Bhd has granted tawarruq asset financing facilities totalling RM2.7bil to Prolintas Managers Sdn Bhd, a wholly owned company of Projek Lintasan Kota Holdings Sdn Bhd (Prolintas).

The financing will serve as an economic driver to assist Prolintas group in its comprehensive restructuring exercise involving four of its highway concessions: the Ampang-Kuala Lumpur Elevated Highway, Guthrie Corridor Expressway, Kemuning-Shah Alam Highway and Kajang Dispersal Link Expressway, Bank Pembangunan and Prolintas said in a joint statement yesterday.

Bank Pembangunan group chief executive officer Roni Abdulwahab said the partnership with Prolintas exemplifies the bank’s commitment to delivering capital for national development and its counter-cyclical role in bolstering long-term sustainable infrastructure investment.

“Given their integral role in the Kuala Lumpur outer ring road system, these highways play a crucial part in linking communities to satellite cities and economic hubs within the Klang Valley,” he said.

Prolintas group chief executive Datuk Mohammad Azlan Abdullah said the group is committed to providing the best highway service it can.

“The financing from Bank Pembangunan strengthens our ability to facilitate capital economic development, restructure our debt while continuing to offer enhanced urban connectivity and realising our mission of becoming the commuters’ route of choice,” he said.

According to the statement, Prolintas has embarked on a concession restructuring initiative to ensure the sustainability and affordability of the highways it operates, with lower toll rates to the users.

“Prolintas’s successful restructuring and years of planning by investing in the right areas, with the highest priority on safety and technology, has assisted the company in operational efficiency, thus allowing it to maintain sustainable investment returns and good yields to investors after the toll rates reduction,” the statement added.

Bank Pembangunan’s tawarruq asset financing is an Islamic term-financing facility offered to finance asset acquisition such as land, buildings, plants, machinery, equipment, and vessels. — BK