PETALING JAYA: Prolintas Infra Business Trust’s share price hit the lowest since its listing in March, after some directors of its trustee-manager were arrested for alleged bribery related to two highway contracts worth over RM1.6bil.
The trust suffered a nearly 11% drop in share price to 81 sen in the morning session, following confirmation from Prolintas Infra about the remand.
Later, however, the stock pared some losses and closed at 87.5 sen, which was lower than its initial public offering price of 95 sen.
Prolintas Managers, the trustee-manager of Prolintas Infra, currently manages four urban highways in the Klang Valley.
These are the Ampang-Kuala Lumpur Elevated Highway, Guthrie Corridor Expressway, Lebuhraya Kemuning-Shah Alam and Sistem Lingkaran Lebuhraya Kajang.
In a filing with Bursa Malaysia, Prolintas Managers said it is aware that some of its directors have been remanded by the Malaysian Anti-Corruption Commission (MACC) to assist in an investigation.
The individuals have been given leave of absence commencing June 26, 2024.
“Prolintas Infra will continue its business as usual with an interim executive management team led by Datuk Ikmal Hijaz Hashim, the non-independent non-executive chairman of Prolintas Managers who has vast experience in the highway industry.
“The combined expertise of the said executive management team will ensure that the stewardship of the trust will continue smoothly.
“The board of Prolintas Managers is of the view that there will be no financial and operational impact on Prolintas Infra operations.
“The board will make further announcements as and when there are any developments in relation thereof,” it said.
The trustee-manager further highlighted that it continues to be committed to maintaining the highest levels of integrity and corporate governance.
In a separate filing, Sapura Energy Bhd announced that it had granted its chairman, Datuk Mohamad Azlan Abdullah, a leave of absence effective June 26, following an ongoing investigation by the MACC.
Sapura Energy noted that the MACC’s investigation was regarding a matter unrelated to the company and it would be business as usual at the oil and gas services and solution firm.
“Further announcements shall be made in the event of material developments on this matter,” it said.
It was reported in news publications yesterday that Mohammad Azlan, who is also the CEO of highway concessionaire Prolintas Group, has been remanded for four days until June 28 by the MACC in connection with allegations of bribery involving two highway projects in the Klang Valley.
In view of Mohammad Azlan’s leave of absence, Sapura Energy has appointed Shahin Farouque Jammal Ahmad, a non-independent non-executive director in the company, as its interim chairman.