Toll concessionaire ALR clears RM2.1b in debt, eyes early highway handover to Putrajaya

Amanat Lebuhraya Rakyat Berhad (ALR) has surpassed RM2 billion in cumulative sukuk principal and profit repayments, marking significant progress in its plan to return four major Klang Valley toll highways to the Malaysian government by 2033, five years ahead of schedule.

ALR's model, which diverts all surplus toll revenue toward debt elimination instead of shareholder dividends, underscores its commitment to maintaining toll rates and accelerating highway transitions.

Established as a transitional custodial entity, ALR supports steady debt retirement without public funding, which is bolstered by robust commuter traffic facilitating earlier repayment.

The ongoing commitment to high engineering and maintenance standards ensures the sustainability of vital infrastructures like the SMART Tunnel, which plays a key role in flood mitigation and easing traffic congestion.

KUALA LUMPUR, Oct 21 — Amanat Lebuhraya Rakyat Berhad (ALR) has crossed the RM2 billion threshold in cumulative sukuk principal and profit repayments, positioning the private not-for-profit firm to return four major Klang Valley toll highways to the government by 2033, five years ahead of schedule.

The milestone validates ALR’s enterprise model of using surplus toll collection solely to extinguish acquisition debt without paying dividends to shareholders, clearing the path for the state to take back the Kesas Expressway, Lebuhraya Damansara-Puchong (LITRAK), Western Kuala Lumpur Traffic Dispersal Scheme (SPRINT), and the Stormwater Management and Road Tunnel (SMART).

“On October 13, 2026, ALR made its eight sukuk payment of RM513.8 million comprising RM390 million to Sukuk Principal and RM123.8 million to Sukuk Profit, bringing its cumulative Sukuk Principal and Profit payments to more than RM2.149 billion.

“The Sustainability Sukuk Murabahah Programme carries total sukuk principal and profit obligations of RM7.935 billion,” ALR group chief executive officer Muhammad Nizam Alias told a media briefing at the SMART headquarters here today.

The latest debt servicing payment follows an earlier benchmark in April 2025, when cumulative payments touched RM1.021 billion.

“Surpassing RM2 billion in cumulative sukuk payments represents an important milestone in ALR’s journey.

“It demonstrates our continued financial discipline and commitment to meeting our obligations while remaining focused on the mandate entrusted to us to maintain toll affordability, eliminate the need for government compensation payments and accelerate the return of the highways to the government and the rakyat,” Muhammad Nizam said.

He explained that because ALR distributes no dividends, all net operational income flows directly toward servicing liabilities and sustaining day-to-day asset management.

“The milestone reflects the progress ALR has made since the issuance of the Sustainability Sukuk Murabahah in October 2022 and reinforces the connection between the group’s financial discipline and its long-term public-interest mandate.

“ALR issued RM5.5 billion in nominal value of AAA-rated Senior Sustainable and Responsible Investment Sukuk Murabahah on October 13, 2022 to finance the acquisition of four major urban highway concessionaires — KESAS, LITRAK, SPRINT and SMART.

“The acquisition was undertaken without the use of public funds or a government guarantee,” he said.

Established strictly as a transitional custodial entity, ALR freezes toll charges at existing gazetted levels throughout the tenure rather than imposing contractual hikes that require federal compensation payouts.

“Under its model, toll rates will remain at current levels until the respective concessions end, while surplus revenue is channelled towards the early redemption of debt financing,” he said.

Strong commuter traffic across the four networks has bolstered debt redemption timelines, setting up a potential full settlement well before the paper’s final maturity date in 2038.

“Under the sukuk programme, the longest maturity is 15 years, ending in 2038.

“However, based on our projections, the surplus accumulated each year could be sufficient by 2033 to settle the remaining sukuk obligations in a lump sum.

“The sooner we settle the entire sukuk amount, the sooner we can return the highways to the government.

“The government can then decide what to do with the highways, whether to charge nominal toll rates or make them toll-free.”

Alongside its role as a key bypass artery easing gridlock between Kuala Lumpur and the southern corridor, the dual-purpose SMART Tunnel plays a vital flood mitigation function for the city centre.

Since commencing operations in May 2007, the subterranean tunnel has diverted 266.03 million cubic metres of deluge over 685 flood-activation events, preventing an estimated RM4.94 billion in structural damage and public losses.

“Operating and maintaining critical infrastructure such as the SMART Tunnel required substantial financial resources.

“Nevertheless, it remained committed to its social responsibilities and continued to balance operational expenditure with toll revenue while meeting its sukuk obligations,” Muhammad Nizam said.

ALR maintains that its non-profit holding structure will continue to balance high engineering maintenance standards with steady debt retirement, ensuring motorists face no toll increases until the four concessions are formally returned to Putrajaya.

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人民高速公路信托有限公司 (ALR) 的累计伊斯兰债券本金和利润偿还额已超过 20 亿令吉，这标志着其计划在 2033 年前将巴生谷四条主要收费高速公路归还给马来西亚政府方面取得了重大进展，比原计划提前了五年。

ALR 的模式是将所有剩余通行费收入用于偿还债务，而不是用于股东分红，这凸显了其维持通行费率和加快高速公路转型的承诺。

ALR 是一家过渡性托管机构，在没有公共资金的情况下支持稳步偿还债务，强劲的通勤交通促进了提前还款。

对高工程和维护标准的持续投入，确保了像 SMART 隧道这样的重要基础设施的可持续性，该隧道在防洪和缓解交通拥堵方面发挥着关键作用。

吉隆坡，10 月 21 日讯——人民高速公路管理有限公司 (ALR) 累计偿还的伊斯兰债券本金和利润已超过 20 亿令吉，这使得这家私营非营利公司能够在 2033 年前将巴生谷四条主要收费高速公路归还给政府，比原计划提前五年。

这一里程碑验证了 ALR 的企业模式，即仅使用盈余的通行费收入来偿还收购债务，而不向股东支付股息，从而为该州收回 Kesas 高速公路、白蒲大道 (LITRAK)、吉隆坡西部交通疏散计划 (SPRINT) 和雨水管理及道路隧道 (SMART) 铺平了道路。

“2026 年 10 月 13 日，ALR 支付了 8 笔伊斯兰债券款项，总额为 5.138 亿令吉，其中包括 3.9 亿令吉的伊斯兰债券本金和 1.238 亿令吉的伊斯兰债券利润，使其累计伊斯兰债券本金和利润支付超过 21.49 亿令吉。

ALR集团首席执行官穆罕默德·尼扎姆·阿里亚斯今天在SMART总部举行的新闻发布会上表示：“可持续发展伊斯兰债券融资计划的总本金和利润义务为79.35亿令吉。”

最新的偿债支付额是继 2025 年 4 月的早期基准之后的又一次支付，当时累计支付额达到了 10.21 亿令吉。

“累计伊斯兰债券支付额超过 20 亿令吉，是 ALR 发展历程中的一个重要里程碑。”

穆罕默德·尼扎姆表示：“这表明我们继续保持财务纪律，并致力于履行我们的义务，同时继续专注于我们所肩负的使命，即保持通行费的可负担性，消除政府补偿支付的必要性，并加快将高速公路归还给政府和人民。”

他解释说，由于 ALR 不分配股息，所有净运营收入都直接用于偿还负债和维持日常资产管理。

“这一里程碑反映了ALR自2022年10月发行可持续发展伊斯兰债券以来取得的进展，并加强了集团财务纪律与其长期公共利益使命之间的联系。

“ALR于2022年10月13日发行了面值55亿令吉的AAA级高级可持续和负责任投资伊斯兰债券（Sukuk Murabahah），用于收购四家主要城市高速公路特许经营商——KESAS、LITRAK、SPRINT和SMART。

他说：“此次收购没有使用公共资金，也没有政府担保。”

ALR 严格按照过渡托管实体的性质设立，在整个任期内将通行费冻结在现有的官方公布水平，而不是通过合同规定提高通行费，从而避免联邦政府支付补偿金。

“根据该模式，通行费将维持在当前水平，直至相关特许经营权到期，而盈余收入将用于提前偿还债务融资，”他说道。

四个交通网络强劲的通勤客流量加快了债务偿还进度，有望在债券最终到期日（2038 年）之前实现全面结算。

“根据伊斯兰债券计划，最长期限为 15 年，将于 2038 年到期。

“然而，根据我们的预测，每年积累的盈余到 2033 年可能足以一次性偿还剩余的伊斯兰债券债务。

“我们越早偿清全部伊斯兰债券款项，就能越早将高速公路归还给政府。”

“政府随后可以决定如何处理这些高速公路，是收取象征性的通行费还是免费通行。”

除了作为一条重要的绕行动脉，缓解吉隆坡和南部走廊之间的交通拥堵外，这条多功能的 SMART 隧道还为市中心发挥着重要的防洪作用。

自 2007 年 5 月开始运营以来，该地下隧道已在 685 次洪水启动事件中分流了 2.6603 亿立方米的洪水，避免了约 49.4 亿令吉的结构性损坏和公共损失。

“运营和维护像 SMART 隧道这样的关键基础设施需要大量的财政资源。

“尽管如此，它仍然致力于履行其社会责任，并在履行其伊斯兰债券义务的同时，继续平衡运营支出和通行费收入。”穆罕默德·尼扎姆说道。

ALR 坚持认为，其非营利控股结构将继续在保持高工程维护标准的同时稳步偿还债务，确保在四个特许经营权正式归还给布城之前，驾车者不会面临通行费上涨。

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