Kuala Lumpur, September 6, 2025 — Permodalan Nasional Berhad (PNB) finds itself at a strategic crossroads. As calls mount to optimise returns for unitholders, the state investment firm is carefully weighing whether to divest parts of its highway portfolio managed by Prolintas, even as the assets underscore national infrastructure goals and support Bumiputera participation.
Economist Dr Geoffrey Williams commended PNB’s balanced approach. While he acknowledged the need for reliable income—a hallmark of PNB’s flagship funds—he noted that holding underperforming, capital-intensive highway assets may no longer benefit unit holders in the long term. Divesting could free up capital for higher-yielding investments.
However, Assoc. Prof. Aimi Zulhazmi Abdul Rashid of UniKL Business School urged caution. She argues that highway assets should be appraised for both capital appreciation and income generation, especially given their alignment with long-term sukuk structures and broader socio-economic mandates. PNB must ensure any sale achieves an optimal price and preserves its strategic role.
Adding a political dimension, Singapore Institute of International Affairs senior fellow Dr Oh Ei Sun observed that Malaysia’s strained fiscal environment increasingly relies on GLICs like PNB to unlock value. Still, offloading flagship assets such as Prolintas could invite public scrutiny. The highways symbolize Bumiputera capacity-building, and Prime Minister Anwar Ibrahim may be cautious of perceptions that undermine that legacy.
