Pembinaan BLT completes 50 police projects, GDV RM4.7b

KUALA LUMPUR: The Minister of Finance Inc.'s unit Pembinaan BLT Sdn Bhd
completed three police quarters and facilities under the fast-track
system, enabling it to finish 50 projects to-date with a gross
development value of RM4.7bil.
PBLT said on Tuesday the three facilities which were completed recently were in Terengganu, Negeri Sembilan and Sabah.
In addition to the 50 completed projects, PBLT has also completed another 11 projects on a sectional basis. PBLT chairman Tan Sri Dr Wan Abdul Aziz Wan Abdullah, said the completion of the projects was another significant achievement via the built, lease and transfer concept.
"With
50 completed out of the total of 74 projects that PBLT has been tasked
to develop on a fast-track basis, we now have only 24 on-going projects
to be completed by 2015.
"PBLT will then have achieved its
objective of delivering RM7.6bil worth of police infrastructure to the
government," said Wan Abdul Aziz, who is also secretary general of the
Finance Ministry.
To recap, PBLT is a private company owned by MoF Inc.
Incorporated on July 28, 2005, its sole objective was to develop
quarters and facilities for the police. Under its build, lease and
transfer model, it is a hybrid of developer, project manager and lessor.
The
projects across the country are financed by PBLT's Islamic medium term
notes or Sukuk programme to raise up to RM10bil under the musyakarah
concept.
Malaysian Rating Corp Bhd has rated the sukuk programme "AAAIS with stable outlook".
PBLT
has issued three series of sukuk to date totaling RM3.615bil. The
latest completion of additional projects will pave the way for the
fourth sukuk issuance which can be expected in the near future, said
Wan Abdul Aziz.