Last updated on November 6, 2025
Kuala Lumpur: In a strategic move to bolster the development of Malaysia’s landmark Merdeka 118 precinct, PNB Merdeka Ventures Sdn Bhd (PNBMV) has unveiled plans for an Islamic medium-term notes (IMTN) initiative—namely the Merdeka Sukuk Wakalah Programme—with a proposed issuance of up to RM6 billion in nominal value.
A fully owned subsidiary of Permodalan Nasional Berhad (PNB), PNBMV intends to channel the sukuk proceeds to refinance existing debt instruments and garner fresh capital to accelerate ongoing construction and development efforts.
Aligned with a green and sustainable vision, PNB Merdeka Ventures has also updated its sustainable finance framework for 2025. This refreshed blueprint aims to align with prevailing sustainable finance guidelines, broaden the spectrum of eligible projects, and support a diverse suite of green financial instruments. The enhanced framework also reinforces the company’s ambitious environmental targets: achieving net‑zero enterprise status by 2025, and a net‑zero investment portfolio by 2050.
The Merdeka Sukuk Wakalah Programme is being spearheaded by CIMB Investment Bank Bhd and Maybank Investment Bank Bhd. Garnering initial investor confidence, the scheme has been granted a preliminary AAA Islamic Sector (S), stable outlook rating by MARC Ratings Bhd.
PNBMV’s CEO, Tengku Datuk Ab Aziz Tengku Mahmud, emphasised that the sukuk initiative aims to optimize the funding structure while reducing financing costs for the Merdeka 118 project, reinforcing its dual symbolism as both a beacon of national pride and a champion of sustainable development.
