KUALA LUMPUR, Aug 26 (Bernama) — PNB Merdeka Ventures Sdn Bhd (PNBMV) has proposed an Islamic Medium-Term Notes (IMTN) programme (Merdeka Sukuk Wakalah Programme) of up to RM6 billion in nominal value.
In a statement today, the wholly-owned subsidiary of Permodalan Nasional Bhd (PNB) said the proceeds will be used to refinance its existing sukuk and raise fresh capital for the ongoing development of the iconic Merdeka 118 precinct.
“In line with its commitment to sustainable development, PNB Merdeka has updated its Sustainable Finance Framework. The new 2025 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 Framework also supports PNB’s objective to achieve Net Zero Enterprise by 2025 and a Net Zero Portfolio by 2050.
The Merdeka Sukuk Wakalah Programme is jointly arranged by CIMB Investment Bank Bhd and Maybank Investment Bank Bhd.
PNBMV chief executive officer Datuk Tengku Ab. Aziz Tengku Mahmud said the Sukuk Programme is 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,” he said.
The Merdeka 118 precinct, anchored by the iconic 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 Kuala Lumpur’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 per cent.
Alongside the office segment, PNBMV also said that the seven-storey 118 Mall is set to become a vibrant lifestyle hub within the precinct, offering a curated mix of retail, dining, and entertainment. The leasing momentum has been encouraging, with close to 70 per cent of space already committed ahead of its opening, it added.
MARC Ratings Bhd has assigned a preliminary rating of AAAIS with a stable outlook to the Merdeka Sukuk Wakalah Programme.
— BERNAMA
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