KUALA LUMPUR (Dec 8): Perak Transit Bhd (KL:PTRANS) has proposed to establish a RM1.5 billion sukuk wakalah programme to fund its capital expenditure, working capital and other shariah-compliant corporate purposes.
Perak Transit said the sukuk programme will have a perpetual tenure, allowing the company to issue sukuk from time to time, including instruments structured in line with sustainability or sustainability-linked guidelines, where applicable.
Each issuance may be rated or unrated, depending on the terms set prior to issuance, according to its filing with Bursa Malaysia, the group said, adding it had lodged the necessary documents with the Securities Commission Malaysia (SC) for the sukuk's establishment.
Proceeds raised will be used for shariah-compliant purposes, including: refinancing existing or future Islamic financing facilities; funding capital expenditure, working capital and general corporate needs; financing required balances in the shariah-compliant finance service reserve account; and covering fees, costs and expenses related to establishing and issuing the sukuk programme.
Maybank Investment Bank Bhd is the principal adviser, lead arranger and facility agent, while Maybank Islamic Bhd serves as shariah adviser.
Perak Transit, which operates integrated public transport terminals such as Terminal Meru Raya in Ipoh, has in recent years diversified into property and renewable energy.
As at end-September 2025, the group had RM96.25 million in short-term borrowings and RM631.5 million in long-term borrowings, against RM261.26 million in cash, bank balances and fixed deposits.
The company was in the spotlight two months ago after a sharp selldown in its shares triggered an unusual market activity (UMA) query from Bursa Malaysia.
The decline stemmed from the forced selling of shares related to its major shareholder Datuk Seri Cheong Kong Fitt, whose stake has fallen to 9%. Cheong used to own 23.5% of Perak Transit, which derived its income primarily from rents and advertisements at its transport terminals.
Perak Transit’s shares closed 1.5 sen or 5.17% lower at 27.5 sen on Monday, valuing the group at RM331.17 million. The stock has dropped over 63% year to date.