GEORGE TOWN, July 9 – The Penang State Government has expressed strong support for Perbadanan Bekalan Air Pulau Pinang Sdn. Bhd. (PBAPP)’s launch of its RM5 billion Islamic Medium-Term Notes (IMTN) Sukuk Programme and Sustainable Finance Framework, marking a landmark achievement for the state’s infrastructure and sustainability agenda.
This move makes PBAPP the first State GLC in Penang to adopt both a Sukuk structure and a sustainability-labelled finance framework, with a top-tier AAA/Stable rating by RAM Ratings and a Gold Sustainable Finance Rating from RAM Sustainability.
The Sukuk proceeds will support PBAPP’s major initiatives, including the RM2.1 billion Water Contingency Plan 2030, broader CAPEX and OPEX needs, and green and social projects aligned with the Penang Green Agenda. Chief Minister YAB Chow Kon Yeow called this initiative a “milestone” in building a climate-resilient water supply system and a bold step towards delivering essential public infrastructure with accountability, innovation, and long-term impact.
