PNB’s inaugural secured exchangeable sukuk offering

The zero-coupon five‑year sukuk is exchangeable into ordinary shares of Gamuda Berhad, an engineering, property and infrastructure group with operations across Asia, Australia, and the United Kingdom, with an investor put option exercisable at the end of the third year.

Proceeds from the issuance will be deployed into U.S.‑dollar‑denominated, investment‑grade global sukuk assets, supporting PNB’s portfolio diversification and long‑term asset allocation objectives. This transaction further underscores the development of innovative, Shariah‑compliant financing structures and contributes to the depth and sophistication of Malaysia’s Islamic capital markets.