Highway concessionaire Prolintas has secured Tawarruq Asset Financing facilities totalling RM2.7 billion from Bank Pembangunan. The cash will be used for a comprehensive restructuring exercise involving four of the group’s concessions, namely the Ampang – Kuala Lumpur Elevated Highway (AKLEH), Guthrie Corridor Expressway, Lebuhraya Kemuning – Shah Alam (LKSA) and the Kajang Dispersal Link Expressway (SILK).
Prolintas says that the concession restructuring initiative is to ensure the sustainability and affordability of the highways, with lower toll rates for users. The restructuring also lays the foundation for a listing exercise involving the concession companies.
The company says that years of planning by investing in the right areas, with top priority for safety and technology, has boosted its operational efficiency, allowing it to maintain sustainable investment returns and good yield to investors after toll rate reduction.
“Our partnership with Prolintas exemplifies Bank Pembangunan’s commitment to delivering impact capital for national development and our 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,” said Roni Abdulwahab, group CEO of Bank Pembangunan.
“We are pleased to partner with BPMB on this financing initiative. At Prolintas, we are committed to providing the best highway service. The financing from BPMB 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,” said Datuk Mohammad Azlan Abdullah, group CEO of Prolintas.
The post Prolintas secures RM2.7b financing to restructure 4 of its highway concessions, paving the way for IPO appeared first on Paul Tan's Automotive News.
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