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Prasana to issue RM6 bil sukuk to fund projects

KUALA LUMPUR (Jan 3): Syarikat Prasarana Negara Bhd, the biggest urban public transport asset owners, will issue RM6 billion sukuk this year to fund its projects.

Group Managing Director Datuk Shahril Mokhtar said the sukuk, backed bygovernment guarantee, would be issued in two tranches of RM3 billion each.

"The first tranche will be issued in February and the second tranche for the remaining amount will be issued in the third quarter," he told a press conference to announce the company's corporate restructuring exercise.

He said the funds raised from the sukuk would be used to finance its multi-billion ringgit light rail transit (LRT) line extension project while entails the Ampang extension line, a 17.7km of elevated track with 12 new stations, that starts from Sri Petaling station to Putra Heights and the extended Kelana Jaya Line that runs from Kelana Jaya station, covering a distance of 17 km and 13 new stations, before ending at Putra Heights.

On the corporate restructuring exercise, Shahril said Prasarana would reorganise its main activities and group them under separate entities.

The current property and commercial outfit will be merged with another new wholly-owned subsidiary, Prasarana Integrated Development Sdn Bhd (PRIDE).

He said the group was currently working closely with PR1MA Bhd to build affordable houses under the 1Malaysia People's Housing Scheme.

"We are exploring some locations to build houses close to LRT stations and further announcements will be made soon," he said.
Prasarana, in joint venture with other developers, would launch property development projects with a gross development value of about RM2 billion in the Klang Valley

The projects would be located in Brickfields and Ara Damansara, Subang. "We hope to have a mixed development project in Ara Damansara which would include 3,000 residential units while we will announce details of the Brickfield project next month," he said.

The group would embark on two joint-development projects, one each in Taman Tun Dr Ismail and Dang Wangi area, in the first quarter, with Naza TTDI Ventures Sdn Bhd and Crest Builder.

Meanwhile, PRIDE Chief Executive Officer Rudyanto Azhar said the group was expected to announce property projects for another three locations this year. "We are currently identifying the locations within LRT stations particularly along the Ampang and Kelana Jaya line," he said. Bernama

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