Still premature to gauge Prolintas IPO, says PNB

We are still working on the depth of the equity and the ratio of capital in the company, says Abdul Rahman


PERMODALAN Nasional Bhd’s (PNB) listing of highway concessionaire, Prolintas Lintasan Kota Holdings Sdn Bhd, is still in its early stages with the value of the latter’s initial public offer (IPO) still undetermined.

PNB group president and CEO Datuk Abdul Rahman Ahmad (Picture) said while the listing is progressing ahead of schedule, it is still premature to determine the size of the IPO at the moment.

“It is a bit premature to highlight on the quantum and value because we are still working on the depth of the equity and the ratio of capital in the company.

“We can probably get a valuation by early 2018,” Abdul Rahman told a media briefing in Putrajaya last Friday.

The fund manager’s acquisition of Sistem Lingkaran-Lebuhraya highway for RM380 million from Silk Holdings Bhd had sped up the listing of Prolintas from 2020 to as early as the end of next year.

The move is part of PNB’s plan to enhance its highway infrastructure assets.

Meanwhile, its proposal to carve out 20% of Malayan Banking Bhd’s (Maybank) shares into Islamic shares is still being deliberated.

“Discussions are still ongoing with Maybank. We will make an announcement once we have made some progress,” PNB group chairman Tan Sri Abdul Wahid Omar said, without giving any timeframe.

For its third quarter ended Aug 31, 2017, PNB reported an 8.8% year-on-year increase in net income to RM10.1 billion, supported by better economic and market conditions.

Its assets under management also grew by 4.2% to RM268.6 billion.

Against the improved performance, PNB announced an income distribution of six sen per unit for Amanah Saham 1Malaysia involving a total payout of RM724.1 million.

The dividend for Amanah Saham Nasional Bhd’s fifth-fixed price unit trust fund would benefit over 390,000 account holders who own 12 billion units.