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Malaysia's PNB is said to explore sale of toll road business

By Elffie Chew (Bloomberg) — Malaysia's state-owned asset manager is considering selling its toll road unit Projek Lintasan Kota Holdings Sdn. in a deal that could be worth RM3 billion ($705 million), people with knowledge of the matter said. Permodalan Nasional Bhd., also known as PNB, is working with a financial adviser on the planned divestment, said the people, asking not to be identified as the process is private. PNB has reached out to potential investors including industry players and private equity firms to gauge initial interest, the people said. Deliberations are ongoing and PNB could still opt to keep Prolintas, as Projek Lintasan is known, the people said. As a long-term investor committed to delivering sustainable returns, PNB regularly reviews its investment portfolio for opportunities to enhance value, including potential divestments or strategic repositioning, PNB said in an emailed statement. All decisions are guided by a rigorous governance process aligned with our investment objectives, it said. It is PNB's policy not to comment on market speculation or rumours, according to PNB. Any material developments will be communicated through the relevant channels in accordance with regulatory requirements, it said. At US$4.2 billion, the volume of mergers and acquisitions involving Malaysian companies has dropped about 46 per cent this year compared to the same period a year ago, according to data compiled by Bloomberg. Established in 1995 and 100% owned by PNB, Prolintas operates and maintains expressways in Malaysia, according to its website. The company's portfolio also includes urban highways in the Klang Valley. It has also introduced an artificial intelligence and machine-learning system to improve operational efficiency and safety. Prolintas owns 51 per cent of Prolintas Infra Business Trust Bhd, a Kuala Lumpur-listed company that owns some highways and has a market value of RM1.1 billion. More stories like this are available on ©2025 Bloomberg L.P.