The Penang Water Supply Corporation (PBAPP) plans to delay a proposed water tariff increase by at least six months if approved, costing the state RM40 million, said Chief Minister and PBAPP chairman Chow Kon Yeow. This delay is part of a broader strategy to fund infrastructure projects, especially under the Water Contingency Plan 2030, without relying solely on tariffs or loans.

PBAPP launched a RM5 billion Islamic Medium-Term Notes (IMTN) Programme (sukuk) with Maybank and UOB to raise medium- to long-term funds through Shariah-compliant capital markets. The funds will finance key projects like the Mengkuang Dam water treatment plant. The programme has a AAA/Stable rating and a “Gold” rating for sustainability, offering Malaysians an alternative investment option beyond PBAPP shares.