KUALA LUMPUR (Aug 2): Perak Transit Bhd (KL:PTRANS), developer and operator of integrated public transportation terminals, plans to raise RM1.5 billion via a perpetual Sukuk Wakalah programme to fund its capital expenditure (capex) and working capital.

In a filing with Bursa Malaysia on Friday, Perak Transit said the capex will be used for the construction of the integrated bus transport terminal cum commercial complex known as Terminal Seri Iskandar in Bandar Seri Iskandar, Perak, subject to a margin of advance of 70%.

It will also use proceeds from the sukuk programme to refinance existing Shariah-compliant financing and/or conventional borrowings.

The company has lodged the relevant documents relating to the sukuk programme with the Securities Commission Malaysia.

The sukuk programme will have a perpetual tenure and allows for the issuance of sukuk from time to time.

AmInvestment Bank Bhd and United Overseas Bank (Malaysia) Bhd are the principal advisers, lead arrangers and lead managers for the sukuk programme, while Amanie Advisors Sdn Bhd and AmBank Islamic Berhad are the Shariah advisers.

Perak Transit reported record-breaking earnings for the first quarter ended March 31, 2024 (1QFY2024) with a net profit of RM17.7 million, up 17% from RM15.2 million a year ago on higher contributions from its petrol station and telecommunication tower construction operations. This was despite revenue for 1QFY2024 falling 6% to RM44.61 million from RM47.38 million in 1QFY2023.

It also declared a second interim dividend of 0.5 cent per share for FY2024, payable on Aug 22.

Perak Transit shares closed down 0.5 sen or 0.73% to 68 sen on Friday, giving it a market capitalisation of RM757.59 million. The stock has fallen 10.53% so far this year.