Toll concessionaire Prolintas is all set for an initial public offering (IPO) on the main market of Bursa Malaysia, and the milestone is expected to happen in Q1 2024.
Prolintas Managers Sdn Bhd (the trustee-manager), the trustee-manager of Prolintas Infra Business Trust (Prolintas Infra BT), which is Malaysia’s first highway business trust to be listed, and the promoter of Prolintas Infra BT (Prolintas) recently signed an underwriting agreement with AmInvestment Bank, CIMB Investment Bank, Maybank Investment Bank and RHB Investment Bank as the joint underwriters for the IPO exercise.
The IPO will be done via a business trust structure comprising four highways that have been acquired from Prolintas by the trustee-manager (on behalf of Prolintas Infra BT), namely the Ampang-Kuala Lumpur Elevated Highway (AKLEH), Guthrie Corridor Expressway (GCE), Lebuhraya Kemuning-Shah Alam (LKSA) and Sistem Lingkaran Lebuhraya Kajang (SILK).
Prolintas Infra BT’s IPO involves the offer for sale by Prolintas of 539,000,000 existing units in Prolintas Infra BT, representing 49% of the total units in issue. The joint underwriters have agreed to underwrite the retail offering of 45,751,000 of IPO units in Prolintas Infra BT, representing 4.16% of the total units in issue.
Of the retail portion, 18,251,000 units will be allocated to the directors and senior management of the trustee-manager, eligible employees and persons who have contributed to the success of the trust group. 27,500,000 units will be offered to the Malaysian public via balloting.
“The signing of the underwriting agreement symbolises a significant milestone for Prolintas. This momentous listing exercise provides us an avenue to unlock the value of our assets and at the same time, this business trust listing structure enables us to provide our unitholders sustainable returns in the long run as our assets have the requisite earnings visibility given their concession-based nature,” said Prolintas group CEO Datuk Mohammad Azlan Abdullah.
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