From left: AmBank Group chief executive officer Jamie Ling, Bursa Malaysia chairman Tan Sri Abdul Wahid Omar, Projek Lintasan Kota Holdings Sdn Bhd (PLKH) CEO Datuk Mohammad Azlan Abdullah, Prolintas Managers Sdn Bhd chairman Datuk Ikmal Hijaz Hashim, PLKH chairman Datuk Idris Kechot, Prolintas Managers CEO Malik Parvez Ahmad Nazir Ahmad and Bursa Malaysia CEO Datuk Muhammad Umar Swift at the listing of Prolintas Infra Business Trust on Monday (March 25) (Photo by Shahrill Basri/The Edge)

KUALA LUMPUR (March 25): Prolintas Infra Business Trust, the first business trust to be listed on Bursa Malaysia, made a flat debut on the Main Market at 95 sen on Monday, before ending the day two sen higher for a 2.1% gain.

Its muted debut saw a total of 48.21 million shares traded throughout the day.

Based on Prolintas Infra’s total issued units of 1.1 billion, the stock was listed with a market capitalisation of approximately RM1.05 billion.

"We are pleased to see the opening price. We thank the investors for the support and belief in our listing today. And this is also evidence of the investors' confidence level of the quality of the assets that we put into this trust, namely the four highway assets, on the performance, the track record, the maturity of the highways with proven traffic numbers based in the past as well as moving into the future," said Projek Lintasan Kota Holdings Sdn Bhd (PLKH) chief executive officer Datuk Mohammad Azlan Abdullah.

PLKH, which is wholly owned by state-controlled asset management company Permodalan Nasional Bhd (PNB), owns a 51% stake in Prolintas Infra upon its listing.

Prolintas Infra comprises four matured highways, namely Ampang-Kuala Lumpur Elevated Highway (AKLEH), Guthrie Corridor Expressway (GCE), Lebuhraya Kemuning-Shah Alam (LKSA) and Sistem Lingkaran Lebuhraya Kajang (SILK), with an average remaining concession period of approximately 32 years.

According to Prolintas Infra, these highways serve almost 500,000 road users every day. In 2022, the combined traffic volume for the highways under Prolintas Infra was approximately 158.2 million, up 44.8% from 109.3 million in 2021. This takes up a 15.7% market share by total traffic volume in 2021 for the urban highways in the Klang Valley (excluding the Setiawangsa-Pantai Expressway and the New Klang Valley Expressway).

The IPO comprised an offer-for-sale of up to 468.7 million existing units, representing a 49% stake in Prolintas Infra, of which up to 422.95 million units have been allocated to institutional and select investors through book building. Also on offer were up to 45.75 million units under its retail tranche to the public, directors and other eligible individuals. The expected proceeds raised from the IPO is RM445.3 million.

The public portion of the IPO of 27.5 million units was oversubscribed by 3.59 times after receiving a total of 7,211 applications for 126.17 million units, with a total value of RM119.9 million.

Meanwhile, the institutional offering, which comprises 422.95 million units made available to institutional and selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti), was also fully subscribed.

There are eight cornerstone investors secured for the IPO, namely PNB, AHAM Asset Management Bhd, AIIMAN Asset Management Sdn Bhd, Lembaga Tabung Haji, Maybank Asset Management Sdn Bhd, Maybank Islamic Asset Management Sdn Bhd, Kenanga Investors Bhd and Kenanga Islamic Investors Bhd. They collectively subscribed for 70.9% of the institutional offering.