PNB Merdeka Ventures Sdn Bhd has proposed an Islamic medium-term notes programme of up to RM6 billion in nominal value called the Merdeka Sukuk Wakalah.
In a statement, the wholly-owned subsidiary of Permodalan Nasional Bhd (PNB) said the proceeds would be used to refinance its existing sukuk and raise fresh capital for the ongoing development of the Merdeka 118 precinct.
“In line with its commitment to sustainable development, PNB Merdeka has updated its sustainable finance framework. The new framework ensures alignment with evolving sustainable finance guidelines, broadens the scope of eligible projects and provides flexibility to issue a wider range of sustainable finance instruments,” it said.
The Merdeka Sukuk Wakalah programme is jointly arranged by CIMB Investment Bank Bhd and Maybank Investment Bank Bhd.
PNB Merdeka CEO Tengku Ab Aziz Tengku Mahmud said the sukuk programme was aimed at optimising the funding structure and cost for the Merdeka 118 project.
“We are confident this programme will support the continued progress of Merdeka 118 as a development that symbolises both national pride and sustainable growth.”
The precinct, anchored by the Merdeka 118 Tower, is positioned as a world-class sustainable development and will continue to play a central role in contributing to Kuala Lumpur’s growth under the larger Warisan KL initiative.
The Merdeka 118 Tower continues to establish itself as one of KL’s most sought-after business addresses, attracting a strong mix of corporate tenants across financial services, and multinational companies, with office occupancy currently at about 70%.
Alongside the office segment, PNB Merdeka said the seven-storey 118 Mall is set to become a vibrant lifestyle hub within the precinct, offering a mix of retail, dining and entertainment.
Close to 70% of the mall’s space has already been leased ahead of its opening, it added.
MARC Ratings Bhd assigned a preliminary rating of AAAIS with a stable outlook for the Merdeka Sukuk Wakalah programme.
