Kuala lumpur: PNB Merdeka Ventures Sdn Bhd (PNBMV) has proposed an Islamic Medium-Term Notes (IMTN) programme, known as the Merdeka Sukuk Wakalah Programme, with a nominal value of up to RM6 billion. The wholly-owned subsidiary of Permodalan Nasional Bhd (PNB) stated that the funds will be allocated to refinance its existing sukuk and generate fresh capital for the ongoing development of the iconic Merdeka 118 precinct.
According to BERNAMA News Agency, PNB Merdeka has updated its Sustainable Finance Framework to align with evolving sustainable finance guidelines. The updated framework, set for 2025, broadens the scope of eligible projects and allows for the issuance of a wider range of sustainable finance instruments. This initiative supports PNB’s objectives 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’s CEO, Datuk Tengku Ab. Aziz Tengku Mahmud, emphasized that the Sukuk Programme is designed to optimize the funding structure and reduce costs for the Merdeka 118 project. He expressed confidence in the programme’s potential to support the continued progress of Merdeka 118 as a development that embodies national pride and sustainable growth. The Merdeka 118 precinct, highlighted by the iconic Merdeka 118 Tower, is gaining recognition as a world-class sustainable development, contributing significantly to Kuala Lumpur’s growth under the Warisan KL initiative.
The Merdeka 118 Tower is becoming a premier business address in Kuala Lumpur, attracting a diverse range of corporate tenants, particularly in the financial services and multinational sectors, with office occupancy currently at about 70 percent. PNBMV also announced the upcoming launch of the seven-storey 118 Mall, envisioned as a vibrant lifestyle hub within the precinct. The mall will offer a curated mix of retail, dining, and entertainment options, with about 70 percent of its space already leased ahead of its opening.
MARC Ratings Bhd has assigned a preliminary rating of AAAIS with a stable outlook to the Merdeka Sukuk Wakalah Programme.