KUALA LUMPUR: The Minister of Finance Inc's 99.99% owned Pembinaan BLT Sdn Bhd (PBLT) will raise up to RM10 billion to finance the CONSTRUCTION [] of 74 police quarters and facilities.
The first tranche of RM1 billion under the 25-year Islamic medium term notes (IMTNs) will be issued by the first quarter. The book building process is scheduled to take place from Jan 24.
PBLT will build the police quarters and facilities under the "build, lease and transfer" model. When the projects are completed, the government will lease these facilities from PBLT.
The RM10 billion would be raised by PBLT's unit Aman Sukuk Bhd to fund its development costs, financing costs, operating expenses and refinance short term borrowings. Aman Sukuk's IMTN programme has been accorded an 'AAA IS' credit rating by Malaysian Rating Corp Bhd.
PBLT managing director and chief executive officer Mohammed Redza Mohd Yusof said on Friday, Jan 14 under the current BLT model "the private sector is responsible for funding and completing the projects".
"The government will then pay for the completed projects over a longer period of time rather than in one lump sum, which will alleviate the strain on government finances."
To recap, PBLT was established in 2005 in response to the "Report of the Royal Commission to enhance the operation and management of the Royal Malaysia Police".
The Royal Commission identified the unsatisfactory housing and work premises as one of the major challenges facing the police force.
Mohammed Redza also said PBLT targetted to complete 52 projects worth over RM3 billion by 2014.
PBLT has 74 development projects nationwide estimated at nearly RM9 billion in terms of development, financing and operating costs.
PBLT said as at Dec 31, 2010, it had completed 22 projects with another 10 projects partially completed. The gross development cost of these completed projects is RM2.03 billion. The remaining 52 projects are progressing and will be completed in stages up to 2014.
CIMB Investment Bank Bhd is the principal adviser and lead arranger for the IMTN programme.
Bank Islam Malaysia Bhd is the Syariah adviser while the joint lead managers are AmInvestment Bank Bhd, Bank Islam, CIMB, Maybank Investment Bank Bhd and RHB Investment Bank Bhd. Prokhas Sdn Bhd is a consultant to PBLT.
The first tranche of RM1 billion under the 25-year Islamic medium term notes (IMTNs) will be issued by the first quarter. The book building process is scheduled to take place from Jan 24.
PBLT will build the police quarters and facilities under the "build, lease and transfer" model. When the projects are completed, the government will lease these facilities from PBLT.
The RM10 billion would be raised by PBLT's unit Aman Sukuk Bhd to fund its development costs, financing costs, operating expenses and refinance short term borrowings. Aman Sukuk's IMTN programme has been accorded an 'AAA IS' credit rating by Malaysian Rating Corp Bhd.
PBLT managing director and chief executive officer Mohammed Redza Mohd Yusof said on Friday, Jan 14 under the current BLT model "the private sector is responsible for funding and completing the projects".
"The government will then pay for the completed projects over a longer period of time rather than in one lump sum, which will alleviate the strain on government finances."
To recap, PBLT was established in 2005 in response to the "Report of the Royal Commission to enhance the operation and management of the Royal Malaysia Police".
The Royal Commission identified the unsatisfactory housing and work premises as one of the major challenges facing the police force.
Mohammed Redza also said PBLT targetted to complete 52 projects worth over RM3 billion by 2014.
PBLT has 74 development projects nationwide estimated at nearly RM9 billion in terms of development, financing and operating costs.
PBLT said as at Dec 31, 2010, it had completed 22 projects with another 10 projects partially completed. The gross development cost of these completed projects is RM2.03 billion. The remaining 52 projects are progressing and will be completed in stages up to 2014.
CIMB Investment Bank Bhd is the principal adviser and lead arranger for the IMTN programme.
Bank Islam Malaysia Bhd is the Syariah adviser while the joint lead managers are AmInvestment Bank Bhd, Bank Islam, CIMB, Maybank Investment Bank Bhd and RHB Investment Bank Bhd. Prokhas Sdn Bhd is a consultant to PBLT.
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