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Prolintas trust tumbles below IPO price after arrest of directors

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Prolintas Infra Business Trust’s units fell as low as 81 sen, 14.7% below its IPO price of 95 sen.

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Free Malaysia Today
Prolintas Infra Business Trust, Malaysia’s first listed Islamic business trust, debuted on Bursa Malaysia in March this year.

PETALING JAYA:
Prolintas Infra Business Trust’s (PIBT) units tumbled as much as 14.7% below its initial public offering (IPO) price after confirming the arrest of several of its directors this morning.

The trust’s units opened at 86 sen, down five sen or 5.5%, at 10am after a one-hour suspension from 9am. It fell as low as 81 sen before paring its losses to 89 sen at the mid-day break, valuing the trust at RM979 million.

It debuted on Bursa Malaysia’s Main Market on March 24 this year at an IPO price of 95 sen.

In a bourse filing today, its trustee manager Prolintas Managers Sdn Bhd (PMSB) said it was aware some of its directors have been remanded by the Malaysian Anti-Corruption Commission (MACC) to “assist in an investigation”.

The individuals concerned have been given leave of absence commencing June 26, it added.

In a separate statement yesterday, highway concessionaire Prolintas Group confirmed that its CEO and two senior management members have been arrested by MACC.

PIBT is Malaysia’s first listed Islamic business trust, comprising four highway assets namely the Ampang-Kuala Lumpur Elevated Highway (Akleh), Guthrie Corridor Expressway (GCE), Lebuhraya Kemuning-Shah Alam (LKSA) and Sistem Lingkaran Lebuhraya Kajang (SILK).

In its statement today, PMSB said the trust will continue its business as usual with an interim executive management team led by its non-executive chairman Ikmal Hijaz Hashim.

“The combined expertise of the executive management team will ensure the stewardship of the trust will continue smoothly. PMSB continues to be committed to maintaining the highest levels of integrity and corporate governance.

“The board of PMSB is of the view there will be no financial and operational impact on PIBT’s operations,” it added.

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