Perak Transit issues RM100m Islamic notes to fund transportation terminal development

© Provided by The Edge

KUALA LUMPUR (Sept 21): Perak Transit Bhd has issued a second tranche of RM100 million Islamic medium term notes (IMTN) to finance its working capital requirement and capital expenditure for the development of its new transportation terminal in Bidor.

The Perak-based bus operator said the unrated Islamic securities, in which United Overseas Bank (Malaysia) Bhd (UOB Malaysia) and AmBank Group are subscribers, comprise the second tranche under its maiden RM500 million 15-year sukuk murabahah programme launched in 2019.

In a statement today, Perak Transit said that buoyed by the group’s success as Perak’s leading transport operator, it has embarked on developing new transportation hubs to expand its transportation network across major towns within the state.

“In relation to Perak Transit’s new expansion plan, the new transportation terminal, Bidor Sentral, is expected to become the group’s southern transport hub for the state,” it added.

Perak Transit executive director Datuk Cheong Peak Sooi said the second issuance under the sukuk murabahah programme will help the group continue its growth journey and drive price efficiency through lower financing cost.

“With the support from both UOB Malaysia and AmBank Group on this issuance, Perak Transit will be able to continue developing an integrated network of public transportation terminals in the state, connecting to other regions across Malaysia,” he said.

UOB Malaysia is the lead arranger and joint lead manager together with AmBank Group for the IMTN issuance.

Perak Transit’s share price was up half a sen or 0.78% to 64.5 sen in afternoon trading, valuing the group at RM416.11 million.

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