Latest news with #PNB
New Straits Times
8 hours ago
- Business
- New Straits Times
IJM approached to invest in Prolintas
KUALA LUMPUR: IJM Corp Bhd has been approached to invest in Permodalan Nasional Bhd's (PNB) toll road assets under Projek Lintasan Kota Holdings Sdn Bhd (Prolintas), sources said. PNB had reached out to IJM to do a due diligence on the prospect, they added. Instead of an outright sale of Prolintas to investors, they said PNB might offer Prolintas' controling stake in Prolintas Infra Business Trust, which was listed on the Main Market of Bursa Malaysia on March 25 last year. PNB reportedly was considering selling Prolintas in a deal that could be worth RM3 billion. It had reached out to potential investors, including industry players and private equity firms, to gauge initial interest. In its reply to Business Times today, PNB said: "For now, we have nothing further to share beyond what we have officially shared with Bloomberg. They have captured our official statement in their article. "As a long-term investor committed to delivering sustainable returns, PNB regularly reviews its investment portfolio for opportunities to enhance value, including potential divestments or strategic repositioning. "All decisions are guided by a rigorous governance process aligned with our investment objectives. It is PNB's policy not to comment on market speculation or rumours," it added. Prolintas operates a network of six major highways in the Klang Valley. They are Ampang-Kuala Lumpur Elevated Highway (Akleh), Guthrie Corridor Expressway (GCE), Kemuning-Shah Alam Highway (LKSA), Kajang Dispersal Link Expressway (Silk), Sungai Besi-Ulu Klang Elevated Expressway (Suke) and Damansara-Shah Alam Elevated Expressway (Dash). Four of the highway assets are parked under Prolintas Infra Business Trust, which was listed on the Main Market of Bursa Malaysia on March 25 last year. The trust manages Akleh, GCE, LKSA and Silk with Prolintas holding a controlling 51.02 per cent stake. Other notable unitholders include the Employees Provident Fund with 7.78 per cent, Urusharta Jamaah Sdn Bhd with 5.78 per cent and Lembaga Tabung Haji with 5.45 per cent. IJM, meanwhile, operates a slew of toll highways namely Lebuhraya Sungai Besi (Besraya), New Pantai Expressway (NPE), Lebuhraya Kajang-Seremban (Lekas) and West Coast Expressway (WCE). The company's toll division is currently unprofitable, but its medium to long-term outlook is bright, according to some industry observers. Once impairment and forex issues ease, IJM's core local toll operations are forecast to contribute steady, recurring income, they added. The division recorded a pre-tax loss of RM0.1 million in the year ended March 31 2025. This was primarily due to a RM54 million impairment related to the WCE and share of losses from overseas associates amounting to RM66.7 million. Last month, IJM's wholly-owned New Pantai Expressway Sdn Bhd received approval from the Works Ministry to proceed with the RM1.4 billion construction of the NPE Extension. NPE will undertake a 15-kilometre elevated highway extension, including the construction of one new toll plaza.
Time of India
14 hours ago
- Time of India
Will soon solve loss of valuables worth Rs 85L from bank locker in Palamu: Cops
Daltonganj: A customer of a Punjab National Bank (PNB) branch in Daltonganj reported losing valuables and jewellery worth Rs 85 lakh from the bank's locker and filed a complaint with the law enforcers, but the bank officials have washed their hands off the incident, the town police said on Tuesday. Police are also sure that they will solve the case soon after their preliminary investigation. Probing the case, which took place on June 10, police said they were looking into it from all angles. According to them, the victim, a local, works in a private company in New Delhi and he last visited the bank in February this year but did not open his locker. The officer-in-charge of the town police station, Jyoti Lal Rajwar, said, "We have received a complaint about precious gold items worth around Rs 85 lakh missing from the locker. We have begun a probe into it." It is too early to say, who is responsible for making the valuables disappear, he said. Rajwar also indicated that their preliminary investigations did not hint towards any foul play on the part of the bank as there were no indications of theft or pilferage. "However, we will leave no stone unturned to find the culprit," Rawar said, adding that police did not even find any trace of tampering with the locker. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Esta nueva alarma con cámara es casi regalada en La Reja (ver precio) Verisure Más información Undo A PNB official, requesting anonymity, said, "The said locker was operated only twice — Sep 27, 2010 and April 16, 2016. The locker holder visited the bank on February 19 this year but didn't operate it. Only in April, he informed the bank that he had lost the key." Thereafter, the locker was broken on July 10 as per RBI guidelines by the bank employees in the presence of the owner of the locker and two independent witnesses. Upon opening the locker, it was found to be empty. The locker holder also gave a copy of the intimation about the key getting lost to the town police station only on July 14. After the preliminary investigation, Rajwar assured, "This case will be solved soon." Under the RBI rules, TOI cannot directly talk to the victim customer for his comments, experts said. Notably, banks are responsible when a loss occurs if there is any shortcoming on their part or an act of commission/omission or negligence under the RBI regulations. In addition, banks are responsible for any of their employees' fraudulent activities. In such scenarios, the bank is liable to pay an amount equivalent to 100 times the existing locker's annual rent. However, under the new bank locker rules in case of theft, the banks are responsible for any damage or loss of the locker contents due to the bank's carelessness. In case of scenarios like fire, theft, burglary, robbery and dacoity arising due to negligence of the bank or fraudulent employees, the bank is liable to pay the customers an amount equivalent to 100 times the current locker's rent.
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
PNB weighs US$705mil sale of toll road unit
Established in 1995 and 100% owned by Permodalan Nasional Bhd, Prolintas operates and maintains expressways in Malaysia. (Prolintas web pic) PETALING JAYA : Malaysia's state-owned asset manager is considering selling its toll road unit Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) in a deal that could be worth RM3 billion (US$705 million), people with knowledge of the matter said. Permodalan Nasional Bhd, also known as PNB, is working with a financial adviser on the planned divestment, said the people, asking not to be identified as the process is private. 'PNB has reached out to potential investors, including industry players and private equity firms, to gauge initial interest,' the people said. 'Deliberations are ongoing and PNB could still opt to keep Prolintas, as Projek Lintasan is known,' the people said. 'As a long-term investor committed to delivering sustainable returns, PNB regularly reviews its investment portfolio for opportunities to enhance value, including potential divestments or strategic repositioning,' a representative for PNB said in response to a query from Bloomberg News, declining to comment on the specific divestment. Established in 1995 and 100% owned by PNB, Prolintas operates and maintains expressways in Malaysia, according to its website. The company's portfolio also includes urban highways in the Klang Valley. It has also introduced an artificial intelligence and machine-learning system to improve operational efficiency and safety. Prolintas owns 51% of Prolintas Infra Business Trust Bhd, a Kuala Lumpur-listed company that owns some highways and has a market value of RM1.1 billion.
Malaysian Reserve
a day ago
- Business
- Malaysian Reserve
Malaysia's PNB said to weigh US$705m sale of toll road unit
MALAYSIA'S state-owned asset manager is considering selling its toll road unit Projek Lintasan Kota Holdings Sdn. in a deal that could be worth 3 billion ringgit ($705 million), people with knowledge of the matter said. Permodalan Nasional Bhd., also known as PNB, is working with a financial adviser on the planned divestment, said the people, asking not to be identified as the process is private. PNB has reached out to potential investors including industry players and private equity firms to gauge initial interest, the people said. Deliberations are ongoing and PNB could still opt to keep Prolintas, as Projek Lintasan is known, the people said. As a long-term investor committed to delivering sustainable returns, PNB regularly reviews its investment portfolio for opportunities to enhance value, including potential divestments or strategic repositioning, a representative for PNB said in response to a query from Bloomberg News, declining to comment on the specific divestment. Established in 1995 and 100% owned by PNB, Prolintas operates and maintains expressways in Malaysia, according to its website. The company's portfolio also includes urban highways in the Klang Valley. It has also introduced an artificial intelligence and machine-learning system to improve operational efficiency and safety. Prolintas owns 51% of Prolintas Infra Business Trust Bhd., a Kuala Lumpur-listed company that owns some highways and has a market value of 1.1 billion ringgit. — BLOOMBERG
The Star
a day ago
- Automotive
- The Star
PNB is said to explore sale of toll road business
Malaysia's state-owned asset manager is considering selling its toll road unit Projek Lintasan Kota Holdings Sdn. in a deal that could be worth RM3bil, people with knowledge of the matter said. Permodalan Nasional Bhd., also known as PNB, is working with a financial adviser on the planned divestment, said the people, asking not to be identified as the process is private. PNB has reached out to potential investors including industry players and private equity firms to gauge initial interest, the people said. Deliberations are ongoing and PNB could still opt to keep Prolintas, as Projek Lintasan is known, the people said. As a long-term investor committed to delivering sustainable returns, PNB regularly reviews its investment portfolio for opportunities to enhance value, including potential divestments or strategic repositioning, PNB said in an emailed statement. All decisions are guided by a rigorous governance process aligned with our investment objectives, it said. It is PNB's policy not to comment on market speculation or rumours, according to PNB. Any material developments will be communicated through the relevant channels in accordance with regulatory requirements, it said. At US$4.2bil, the volume of mergers and acquisitions involving Malaysian companies has dropped about 46% this year compared to the same period a year ago, according to data compiled by Bloomberg. Established in 1995 and 100% owned by PNB, Prolintas operates and maintains expressways in Malaysia, according to its website. The company's portfolio also includes urban highways in the Klang Valley. It has also introduced an artificial intelligence and machine-learning system to improve operational efficiency and safety. Prolintas owns 51% of Prolintas Infra Business Trust Bhd., a Kuala Lumpur-listed company that owns some highways and has a market value of RM1.1bil. - Bloomberg
