A Milestone in Penang's Infrastructure and Sustainability Journey.
8.7.2025 | Perbadanan Bekalah Air Pulau Pinang Sdn. Bhd. (PBAPP), the state's sole water operator, officially launched its RM5.0 billion Islamic Medium-Term Notes (IMTN) Programme and Sustainable Finance Framework, making it the first State Government-Linked Company in Penang to establish both the Sukuk Programme and a Sustainable Finance Framework.
This strategic initiative will strengthen PBAPP's ability to raise long-term capital to invest in its water infrastructure development through Shariah-compliant and sustainability-labelled debt instruments. This dynamic financing platform enables PBAPP to scale up investment in critical water projects while reinforcing the State's commitment to sustainable development.
The Sukuk Programme was launched in collaboration with Maybank Investment Bank Berhad and United Overseas Bank (Malaysia) Berhad, appointed as the Joint Principal Adviser, Joint Lead Arrangers and Joint Lead Managers. Maybank Investment Bank also acted as the sole Sustainable Structuring Adviser for the establishment of PBAPP's Sustainable Finance Framework.
Gold Sustainable Finance Rating AND AAA/Stable credit rating
The Sukuk Programme has been accorded a AAA/Stable credit rating by RAM Rating Services Berhad (RAM), the most superior credit rating domestically, reflecting PBAPP's strong credit fundamentals.
Concurrently, PBAPP's newly launched Sustainable Finance Framework received a Gold Sustainable Finance Rating by RAM Sustainability Sdn. Bhd., acknowledging the company's strong governance, transparency and alignment with international best practices in sustainable finance.
