Pembinaan BLT completes its 50th project

KUALA LUMPUR (June 12): Pembinaan BLT Sdn Bhd (PBLT), a unit owned by Ministry of Finance Inc, has completed three more projects, bringing its total developments to-date to 50 with a total development value of RM4.7 billion.

Its three newly-completed police facilities include Pasukan Simpanan Persekutuan Wakaf Tapai in Terengganu; Pusat Latihan Polis Ayer Hitam in Negeri Sembilan; and Ibu Pejabat Polis Kontinjen Sabah.

PBLT chairman Tan Sri Dr Wan Abdul Aziz Wan Abdullah said that this is yet another significant achievement by PBLT in the prompt delivery of police quarters and facilities via the built, lease and transfer concept.

PBLT has also completed another 11 projects on a sectional basis in addition to its 50 completed projects.

"With 50 completed out of the total 74 projects that PBLT has been tasked to develop on a fast-track basis, we now have only 24 on-going projects to be completed by 2015. PBLT will then have achieved its objective of delivering RM7.6 billion worth of police infrastructure to the government," Wan Abdul Aziz, who is also finance ministry secretary-general, said.

Wan Abdul Aziz attests that PBLT is an exemplar of transformation and nation building. Created with the purpose of developing police quarters, training centres and facilities, PBLT has significantly improved the living standards and working environment of the police force and their families with modern, attractive housing and state-of-the-art facilities.

Funding the police infrastructure development across the country is PBLT's Islamic Medium Term Notes or Sukuk programme, which aims to raise up to RM10 billion under the musyakarah concept.

PBLT's sukuk programme has been assigned an outstanding of "AAAIS with stable outlook" by Malaysian Rating Corp Bhd. PBLT has successfully issued three series of sukuk to date totaling RM3.6 billion.

According to Wan Abdul Aziz, the latest completion of additional projects will pave the way for the fourth sukuk issuance which can be expected in the near future.

PBLT was established on July 28, 2005, to undertake the development of quarters and facilities for the Royal Malaysian Police (PDRM). Under its current banner, PBLT is a build, lease and transfer model with a hybrid of developer, project manager and lessor.

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