KUALA LUMPUR: Prolintas Infra Business Trust, the country's first highway business trust,  is set to make its way for initial public offering (IPO) on the Main Market of Bursa Malaysia in the first quarter of 2024.

The IPO involves the listing of four highways acquired from Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) by the trustee-manager Prolintas Managers Sdn Bhd.

They are the Ampang-Kuala Lumpur Elevated Highway, Guthrie Corridor Expressway, Lebuhraya Kemuning-Shah Alam and Sistem Lingkaran Lebuhraya Kajang.

In this offering, Prolintas will sell 539 million existing units in Prolintas Infra, representing 49 per cent of the total units in issue. 

The joint underwriters have committed to underwrite the retail offering of 45.75 million IPO units, which represents 4.16 per cent of the total units in issue, Prolintas said in a filing with Bursa Malaysia.

Of the retail offering, 18.25 million units will be allocated to directors, key senior management, eligible employees, and contributors to the success of the trust group, while 27.50 million units are reserved for application by the public via balloting.

Prolintas Managers has inked a significant underwriting agreement with AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd, and RHB Investment Bank Bhd for the IPO.

"This IPO marks a historic moment as it introduces Malaysia's inaugural highway business trust to the public market," it said.

Prolintas chief executive officer Datuk Mohammad Azlan Abdullah said the impending listing provides an avenue to unlock the value of its assets.

At the same time, the business trust listing structure enables Prolintas to provide its unitholders sustainable returns in the long run.

AmInvestment serves as the IPO's principal adviser, lead bookrunner, joint bookrunner, managing underwriter and joint ynderwriter.

CIMB Investment and Maybank IB act as hoint bookrunners and joint underwriters, while RHB Investment serves as a joint underwriter for the IPO.

https://www.nst.com.my/business/corporate/2024/02/1015217/malaysias-first-highway-business-trust-list-march