PROLINTAS Infra Business Trust’s (PIBT) units plummeted by up to 14.7% below their initial public offering (IPO) price today, following the arrest of several directors by the Malaysian Anti-Corruption Commission (MACC).
The trust’s units opened at 86 sen, marking a 5.5% decline from the previous day’s close after a brief trading suspension. They hit a low of 81 sen before recovering slightly to 89 sen by mid-day, valuing the trust at approximately RM979 mil.
Prolintas Managers Sdn Bhd (PMSB), the trust’s trustee manager, confirmed in a regulatory filing that some of its directors had been remanded to assist in an ongoing investigation. These directors have been granted leave of absence starting from June 26.
Separately, highway concessionaire linked to PIBT Prolintas Group acknowledged yesterday (June 25) that its CEO and two senior management members were also arrested by MACC.
PIBT, Malaysia’s first listed Islamic business trust, comprises four major highway assets including the Ampang-Kuala Lumpur Elevated Highway (Akleh) and the Guthrie Corridor Expressway (GCE).
In response to the developments, PMSB assured stakeholders that an interim executive management team, led by non-executive chairman Datuk Ikmal Hijaz Hashim, would oversee operations seamlessly.
“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. – June 26, 2024
