KUALA LUMPUR – Malaysia’s first highway business trust to be listed, Prolintas Infra Business Trust (Prolintas Infra BT), aims to launch its initial public offering on the main market of Bursa Malaysia Securities Bhd in the first quarter of 2024.
In a statement today, Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) said that the IPO exercise would encompass the listing exercise via a business trust structure comprising four highways that have been acquired from Prolintas by the trustee-manager, Prolintas Managers Sdn Bhd, on behalf of Prolintas Infra BT.
“(The highways are) the Ampang-Kuala Lumpur Elevated Highway, Guthrie Corridor Expressway, Lebuhraya Kemuning-Shah Alam, and Sistem Lingkaran Lebuhraya Kajang,” it said.
The investment-holdings company said the IPO would involve the offer for sale by Prolintas of 539 million existing units in Prolintas Infra BT, representing 49% of the total units in issue.
It said that the underwriting would be handled by AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd, and RHB Investment Bank Bhd, acting as joint underwriters.
“The joint underwriters have agreed to underwrite the retail offering of 45.75 million of IPO units, representing 4.16% of the total units in issue,” it said.
Prolintas said that out of the IPO units available for retail offering, 18.25 million units would be allocated to directors and senior management of the trustee-manager, eligible employees of the trustee-manager and companies held under Prolintas Infra BT as well as persons who have contributed to its success.
“(Furthermore), 27.5 million units are reserved for application by the Malaysian public via balloting,’ it said.
AmInvestment Bank Bhd is the IPO’s principal adviser, lead bookrunner, joint bookrunner, managing underwriter and joint underwriter.
“CIMB Investment Bank Bhd and Maybank Investment Bank Bhd are joint bookrunners and joint underwriters, whilst RHB Investment Bank Bhd is a joint underwriter,” it added. – February 14, 2024