KUALA LUMPUR (March 6): Permodalan Nasional Bhd's (PNB) business trust Prolintas Infra Business Trust is expected to pay out a total dividend of RM70 million for the financial year ending Dec 31, 2024 (FY2024), said Projek Lintasan Kota Holdings Sdn Bhd chief executive officer Datuk Mohammad Azlan Abdullah.

This translates into 6.3 sen per unit based on 1.1 billion units.

Based on the initial public offering (IPO) price of 95 sen per share, the implied dividend yield is about 6.63% for FY2024.

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Mohammad Azlan was speaking at the launch of the IPO prospectus on Wednesday.

The asset manager intends to raise RM445.3 million through an offer-for-sale of 468.6 million units at 95 sen per share. The trust does not issue any new units via IPO.

The highway trust is housed under PNB’s wholly owned Prolintas. Upon completion of the IPO, PNB will hold 51% shareholding in Prolintas Infra.

The business trust has four highways, namely the Ampang-Kuala Lumpur Elevated Highway (AKLEH), Guthrie Corridor Expressway (GCE), Lebuhraya Kemuning-Shah Alam (LKSA), and Sistem Lingkaran Lebuhraya Kajang (SILK).

Prolintas' IPO is the largest listing, in terms of amount raised, since CTOS Digital Bhd, which raised RM1.21 billion in July 2021.

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