VISION ELITE ASSETS (VEA) • KUALA LUMPUR / NETHERLANDS / DELAWARE

26-km Operating Malaysian Expressway Concession Buyout

Integrated A-to-Z Institutional Transaction Portal: Senior Sukuk Architecture, Subordinated Private Credit Cash-Sweep Engine & Co-GP / HoldCo Equity Platform (RM 3.55B Working Perimeter | Concession to Dec 2045)

ACCESS CONTROL (BLIND vs. POST-NDA VDR) BLIND VIEW

Restricted Access: Mandate passcode issued by VEA Deal Desk upon Mutual NDA execution.

Working Perimeter (EV)

RM 3.55B

100% Acquisition + Debt Redemption

2025 Verified Traffic

177,452 ADT

3M 2026: 174,576 ADT | AA2/Stable Ref

Active CFADS Case

RM 418.4M/yr

2.00x Senior DSCR (RM 209.2M Surplus)

Jr Principal Swept (Yr 5)

59.9% Paid

RM 285M Yr-5 Stub (Cleared in 14m if No Refi)

Target Equity Return

12.0%–15.0% IRR

Organic Yield + Prior IPO Approval Catalyst

1. Capital Stack Leverage Option

2. Operating Cash-Flow (CFADS) Scenario

3. Optional Exit / Refi Window: Year 5 (2031) — 14 Yrs Tail Left

Yr 4 (2030) Yr 5 (2031 Base) Yr 6 (2032) Yr 7 (2033)

Unified Working Capital Architecture (Single Source of Truth)

Subject to VDR Validation

Vision Elite Assets (VEA) is structuring the proposed 100% acquisition of an established 26-km Malaysian expressway concessionaire connecting Kuala Lumpur, Putrajaya, Cyberjaya, and the KLIA corridor. Rather than relying on a single source of funding or a speculative maturity sale, the capital stack integrates ring-fenced Senior Sukuk financing, cash-swept Subordinated Private Credit, and aligned Institutional/Co-GP Equity.

Capital Tranche	Working Amount	Share	Target Pricing / Return	Primary Repayment & Exit Engine
Senior Acquisition Sukuk / Debt	RM 2,100M	59.2%	5.25%–5.50% p.a. (15-Yr Sculpted)	First-ranking cash waterfall; full payoff by 2042 (3-yr tail buffer to 2045) + 6-mo DSRA.
Subordinated / Junior Credit	RM 710M	20.0%	12.0%–14.0% Gross IRR (10% Cash + Back-End)	RM 85M–110M/yr principal cash sweep (60%–77% paid by Yr 5) + Yr-5 Sukuk refi or Yr-6 100% sweep.
Sponsor & Institutional Equity	RM 740M	20.8%	12.0%–15.0% Target Equity IRR (Model Target)	Self-liquidating concession dividends + optional Bursa Business Trust / IPO or GLIC exit.
Total Working Perimeter	RM 3,550M	100.0%	Full Existing Sukuk Take-Out at Close	Includes 100% redemption of existing RM 1.126B Senior Sukuk & RM 53.5M notes at Close.

Sponsor Consortium Leadership

VEA combines on-the-ground Malaysian regulatory, vendor, and concessionaire execution with international multi-tranche capital markets structuring.

Raziman Azmi — Partner (VEA Malaysia)

Leads Malaysian sponsor platform, vendor/concessionaire interface, regulatory alignment (LLM, MoW, UKAS), and domestic GLIC/bank origination in Kuala Lumpur.

Kevin Nederlof — Managing Owner & Lead Capital Advisor (VEA LLC)

Leads global transaction structuring, financial modeling, and international capital markets execution across Senior Sukuk, Junior Private Credit, and Institutional Co-GP Equity.

Economic Alignment: VEA intends to roll RM 30M of earned structuring fees into first-loss sponsor equity at Close, with sponsor promote strictly subordinated to investor preferred return.

Complete A-to-Z Institutional Transaction Roadmap (Qualification to Financial Close)

STAGE 01 // BLIND REVIEW

Mandate & Ticket Fit

Review blind parameters, confirm tranche appetite (Senior, Junior, or Lead/Co-GP Equity) and target ticket size.

STAGE 02 // MUTUAL NDA

Information Controls

Execute NDA and receive mandate-specific passcode to unlock asset identity, historical AFS, and tranche modeling.

STAGE 03 // ALIGNMENT

HoldCo, BidCo & Terms

Align on indicative pricing, HoldCo jurisdiction (SG / Labuan / MY), governance rights, and non-binding EOI/LOI.

STAGE 04 // EXCLUSIVITY

Full VDR & Verification

Access seller VDR to verify Concession Agreement, traffic audit, compensation formula, and debt redemption payoffs.

STAGE 05 // IC APPROVAL

Definitive Documentation

Complete Investment/Credit Committee approvals, SPA, SHA, Senior Sukuk facility, and Intercreditor Agreement.

STAGE 06 // CLOSE

Redemption & Handover

100% redemption of existing RM 1.126B Sukuk & RM 53.5M notes, regulatory consents, and clean share transfer.

01 | Senior Acquisition Financing / Sukuk Architecture (RM 2.10B)

59.2% of Capital Stack

Designed for domestic Malaysian Tier-1 institutional Sukuk underwriters and international infrastructure project-finance banks. The RM 2.10B Senior facility funds the acquisition perimeter while executing a 100% clean redemption and discharge of the existing RM 1.126B Senior Sukuk and RM 53.5M subordinated notes at Financial Close, ensuring unencumbered first-ranking security.

Senior Parameter	Working Structuring Basis	Credit Protection & Verification Priority
Facility Quantum & Format	RM 2.10 Billion (~59.2% LTV)	Senior Secured Islamic Medium-Term Notes (Sukuk Murabahah / Wakalah) or Syndicated Term Facility.
Tenor & Tail Buffer	15-Year Base Tenor (2027–2042)	Full scheduled amortization by 2042, preserving a 3-year unencumbered concession tail buffer to Dec 2045.
Indicative Profit / Coupon Range	5.25% – 5.50% p.a.	Benchmarked against AA2 Malaysian expressway Sukuk curves (Annual Senior Debt Service ~RM 209.2M/yr).
Existing Debt Redemption	100% Payoff at Financial Close	Full settlement of ~RM 1.126B Senior Sukuk + RM 53.5M notes upon verified trustee redemption statements.
Security & Reserves	1st-Ranking Ring-Fenced Package	Assignment of toll revenue & gov't compensation accounts, step-in rights, 6-month DSRA, and Major Maintenance Reserve.

Senior DSCR Coverage Matrix

Higher Case (RM 502.1M CFADS) 2.40x DSCR

Post-Senior Surplus: RM 292.9M/yr. Comfortably exceeds AA2 rating coverage thresholds.

Base Case (RM 418.4M CFADS) 2.00x DSCR

Post-Senior Surplus: RM 209.2M/yr. Primary underwriting case hair-cutting seller's RM 609M benchmark.

Stress Case (RM 345.0M CFADS) 1.65x DSCR

Post-Senior Surplus: RM 135.8M/yr. Maintains full senior compliance above 1.50x lock-up trigger.

Key Lender Diligence Priorities:

Independent traffic & compensation audit (2025 ADT: 177,452).
Trustee payoff statements & security release mechanics.
Concession extension review clause (2043/2045) & LLM consent.

02 | Junior Private Credit: Year-by-Year Cash-Sweep & Exit Engine

RM 710M (20.0% of Stack)

Rather than exposing private credit lenders to a 100% bullet refinancing risk at Year 5, our cash-flow waterfall dedicates post-senior operating cash flow to progressive annual principal amortization (RM 85M–110M/yr) over Years 1–5. This retires 60.0% to 77.5% of the Junior tranche organically before Year 5, leaving a minor residual stub that is either refinanced via an onshore AA2 Sukuk top-up or 100% cleared in 11–16 months via an automatic Year-6 Post-Senior Cash-Sweep Flip.

Year / Period (2.00x Base Case)	Post-Senior Surplus	Capex / Reserves	Jr Cash Coupon (10%)	Scheduled Jr Sweep	Ending Jr Principal	Permitted Equity Cash
Year 1 (2027) [Beg: RM 710M]	RM 209.2M	(RM 10.0M)	(RM 71.0M)	(RM 85.0M)	RM 625.0M	RM 43.2M (5.8%)
Year 2 (2028)	RM 209.2M	(RM 10.0M)	(RM 62.5M)	(RM 85.0M)	RM 540.0M	RM 51.7M (7.0%)
Year 3 (2029)	RM 209.2M	(RM 10.0M)	(RM 54.0M)	(RM 85.0M)	RM 455.0M	RM 60.2M (8.1%)
Year 4 (2030)	RM 209.2M	(RM 10.0M)	(RM 45.5M)	(RM 85.0M)	RM 370.0M	RM 68.7M (9.3%)
Year 5 (2031 Refi Window)	RM 209.2M	(RM 10.0M)	(RM 37.0M)	(RM 85.0M)	RM 285.0M Stub	RM 77.2M (10.4%)
Yrs 1–5 Cumulative (2.00x Base)	RM 1,046.0M	(RM 50.0M)	(RM 270.0M)	(RM 425.0M / 60% Paid)	RM 285.0M Left	RM 301.0M Paid
Yrs 1–5 Cumulative (2.40x Higher)	RM 1,464.5M	(RM 50.0M)	(RM 245.0M)	(RM 550.0M / 77.5% Paid)	RM 160.0M Left	RM 619.5M Paid
Yr 6 Zero-Refi Contingency	RM 209M–293M	(RM 10.0M)	(RM 16M–28.5M)	100% Post-Sr Sweep	RM 0.0M (Cleared)	11–16 Mos Full Payoff

Junior Terms & Intercreditor Protections

Pricing & Return Architecture

Target 12.0%–14.0% Gross IRR, structured via a 10.0% p.a. contractual cash coupon paid on declining principal plus a 2.5%–3.5% PIK / Exit Multiple top-up at redemption (with 1.50x minimum MOIC floor).

Primary Exit (Yr 5 Domestic Sukuk Top-Up)

By Year 5, Senior debt has amortized down from RM 2,100M to ~RM 1,590M alongside the RM 160M–285M Junior stub, enabling a domestic AA2 Sukuk tap into Malaysia's RM 174B/yr Sukuk market with 14 years of concession tail remaining.

Intercreditor & Downside Covenants

First-ranking share pledge over Acquisition HoldCo, second-ranking charge at BidCo, automatic 100% equity distribution lock-up if Total DSCR dips below 1.35x or if Year-5 refinancing is not completed on schedule.

70% LTV Lower-Leverage Option: Junior tranche scales down to RM 385M (10.8% of stack), which sweeps to RM 0 inside 4.2 years solely from organic cash flows without requiring refinancing.

03 | Sponsor, HoldCo & Malaysian BidCo JV Architecture

Two-tier institutional design combining offshore/treaty HoldCo flexibility for international investors with 51% Malaysian statutory voting control at the concession BidCo level.

Working Equity: RM 740M (20.8%) | Target 12%–15% IRR

TIER 1 // ORIGINATION & GP

Sponsor Consortium & JV

VEA Malaysia + VEA LLC (US). Indicative 51% VEA MY / 49% VEA US voting split; 50/50 sponsor economics. Rolls RM 30M structuring fee into first-loss sponsor equity at Close.

Subordinated Promote Alignment

TIER 2 // INVESTOR ENTRY POINT

Acquisition HoldCo (Flexible Domicile)

Jurisdiction tailored to Lead Equity / Capital Partner preference:
• Singapore HoldCo (Pte. Ltd. / VCC): Common-law SHA & treaty protection.
• Labuan IBFC or Malaysia Sdn. Bhd. (0% dividend withholding tax).

Board, Reserved Matters & Waterfall

TIER 3 // ONSHORE ACQUISITION SPV

Malaysian BidCo (Sdn. Bhd.)

Dedicated Malaysian company structured with 51% Malaysian statutory voting control held via VEA Malaysia to satisfy LLM, Ministry of Works, and UKAS requirements and issue the RM 2.10B Senior Sukuk.

100% Ring-Fenced Borrowing Vehicle

TIER 4 // OPERATING CONCESSION

26-km Operating Expressway

100% acquisition of concessionaire shares. Existing RM 1.126B Senior Sukuk & RM 53.5M notes redeemed in full at Close. Concession runs to Dec 2045 (subject to 2043 review).

2025 Verified ADT: 177,452 Vehicles/Day

Equity Return Scenarios & Self-Liquidating Cash Distribution Waterfall

Our base equity case does not depend on an exit buyer at concession maturity. Once Junior Private Credit is retired in Year 5–6, 100% of Post-Senior Surplus CFADS (RM 199.2M to RM 282.9M/yr net of reserves) flows directly to Equity across Years 7–15, followed by unencumbered debt-free cash flows in the final tail years (2042–2045).

Equity Realisation Pathway	Yrs 1–5 Cash Dividends	Yrs 7–15 Post-Jr Cash Flow	Concession Tail / Exit Event	Indicative Return (Pre-VDR Model)
Route 1A: Organic Hold (2.00x Base = RM 418.4M)	RM 301.0M (8.1% avg yield)	RM 199.2M / yr (26.9% yield)	RM 750M+ Tail + DSRA	~RM 2,843M (~3.8x MOIC / ~12.4% IRR)
Route 1B: Organic Hold (2.40x Higher = RM 502.1M)	RM 619.5M (16.7% avg yield)	RM 282.9M / yr (38.2% yield)	RM 950M+ Tail + DSRA	~RM 4,015M (~5.4x MOIC / ~15.8% IRR)
Route 1C: Downside Stress (1.65x = RM 345.0M)	RM 54.0M (Sweeps Jr first)	RM 125.8M / yr (17.0% yield)	RM 580M+ Tail + DSRA	~RM 1,765M (~2.4x MOIC / ~9.8% IRR)
Route 2: Year 5–6 Dividend Recapitalisation	RM 301M–619.5M	Retains ongoing equity stake	Sukuk tap after RM 935M+ debt paydown	Returns 50%–75% of initial equity in Yr 5–6
Route 3: Bursa IPO / Business Trust / GLIC Sale	RM 301M–619.5M	Monetized Yr 5–7 (12–14 yrs tail)	Prior IPO Approval + PROL.KL Comp	~2.5x–3.1x MOIC / 16%–19% IRR

Strategic Exit Catalyst

Prior IPO Approval & Bursa Business Trust Track

Vendor briefing documentation confirms that the target concessionaire previously obtained approval for an Initial Public Offering (IPO). Alongside the listing precedent of Prolintas Infra Business Trust (PROL.KL), VEA will verify the status and renewal mechanics of this prior IPO approval in the VDR as an accelerated Year 4–6 capital-market exit route.

Institutional Governance & Protections:

Participation Roles: Lead Equity Partner, Co-GP Anchor, or Institutional Co-Investor.
Governance: HoldCo & BidCo board representation, reserved matters, budget/capex vetoes.
First-Look Priority: Early aligned equity partners receive priority structuring and exclusivity allocation.

04 | Reconciling the Seller’s RM 609M EBITDA Benchmark vs. FY23 Revenue

Institutional credit and investment committees require strict separation between audited historical results and forward seller projections. Vendor proposal materials state Total Cumulative EBITDA of RM 14.0 Billion across 2023–2045 (23 years), equating to RM 609 Million average annual EBITDA, alongside an indicative seller valuation reference of RM 2.8B – RM 3.3B.

1. Historical Baseline (FY2023 Reported Revenue: RM 236M)

Public ratings disclosures indicate FY2023 revenue of RM 236M (including ~RM 100M in government toll compensation). Since 2023, corridor traffic has expanded to 177,452 ADT in 2025 (3M 2026: 174,576 ADT).

2. Mathematical Basis of Seller’s RM 609M/yr Average Benchmark

The vendor’s RM 609M/yr benchmark is the 23-year forward average (RM 14.0B ÷ 23 years = RM 608.7M/yr) modeled on 3.20% p.a. average traffic growth and 6.29% p.a. average revenue growth (2023–2045) driven by contractual Concession Agreement toll-tariff step-ups, where government compensation equals (Scheduled Concession Tariff − Actual Booth Tariff) × Verified Traffic Volume.

3. VEA Conservative Underwriting Haircut

Until full VDR verification of the Concession Agreement tariff schedule and 2025/2026 accounts is completed, VEA treats RM 609M strictly as an Unverified Seller Forward Benchmark and underwrites debt service against the hair-cut 2.00x Base Case (RM 418.4M CFADS) and 1.65x Stress Case (RM 345.0M CFADS).

Four-Tier Institutional Validation & Risk Disclosure Matrix

Every figure across VEA’s transaction portal is classified into four transparency tiers so investment committees know exactly what is verified today vs. what will be confirmed in the VDR.

TIER 1 // CONFIRMED PUBLIC & HISTORICAL DATA

26-km open-toll expressway operating since 2008; 2025 ADT of 177,452 vehicles/day (3M 2026: 174,576); RAM Ratings AA2/Stable affirmation on existing RM 1.126B Senior Sukuk (May 2026); historical FY23 revenue of RM 236M; Audited Financial Statements (FYE 2022–2024).

TIER 2 // SELLER-PROVIDED BENCHMARKS (UNVERIFIED PRE-VDR)

RM 14.0B cumulative EBITDA (2023–2045) / RM 609M average annual EBITDA benchmark; 3.2% traffic & 6.29% revenue CAGR; prior IPO approval status; RM 2.8B–3.3B indicative seller valuation vs. RM 3.55B working transaction perimeter.

TIER 3 // VEA WORKING STRUCTURING ASSUMPTIONS

RM 2.10B Senior Sukuk (5.25%–5.50%, 15-yr sculpted); RM 710M Junior Credit (10% cash coupon + back-end yield, RM 85M/yr principal sweep); RM 740M Equity (12%–15% target IRR); 51% Malaysian BidCo statutory voting control + flexible HoldCo.

TIER 4 // MANDATORY VDR VERIFICATION PRIORITIES

Concession Agreement scheduled toll tariff table & compensation formula; 2043/2045 extension conditions; exact Sukuk & subordinated note redemption statements at Close; prior IPO approval documentation; LLM/MoW/UKAS change-of-control consents.

05 | Organised Transaction Document Library & Data Room Index

Centralised inventory of VEA transaction briefings, structural notes, and historical verification files available to qualified counterparties.

Controlled Distribution via VEA Deal Desk

STAGE 1 // PRE-NDA 4 Pages (PDF)

Blind Institutional Equity Partner Teaser (v5)

Aligned to Working Case B (RM 2.10B Senior / RM 710M Junior / RM 740M Equity), equity partner role, governance, and 5-stage process access.

Status: Approved & Active

STAGE 2 // POST-NDA 3 Pages (PDF)

Sponsor, BidCo & JV Structure Note

4-tier entity diagram covering Sponsor Consortium, flexible Acquisition HoldCo (SG/Labuan/MY), 51% Malaysian BidCo voting control, and RM 30M fee rollover alignment.

Status: Aligned to Working Case B

ALL TRANCHES 2 Pages (PDF)

All-Tranche Master Exit & Repayment Brief

Year-by-year Junior cash-sweep table (Years 1–5 + Year-6 zero-refi payoff), Senior Sukuk DSCR matrix, Equity realisation routes, and RM 609M reconciliation.

Status: Approved & Active

VENDOR / SELLER 9 Pages (PDF)

VEA Sponsor & Acquisition Capability Profile

Formal capability dossier for Vendor review detailing VEA leadership, Malaysian SPV platform, 100% redemption of RM 1.126B Sukuk at Close, and VDR request.

Status: Finalised for Submission

HISTORICAL VDR PACK Attested PDF Pack

Audited Financial Statements (FYE 2022–2024)

Historical audited financial statements of the target expressway concessionaire, alongside RAM Ratings May 2026 credit rating report (AA2/Stable; 177,452 ADT).

Available Post-NDA

DEBT & SELLER PACK IM & Proposal PDFs

Existing Sukuk IM, Trust Deed & Seller Proposal

Existing Senior Sukuk Information Memorandum, Trust Deed, and Seller Proposal deck (confirming RM 14B / 23-yr EBITDA benchmark and prior IPO approval).

Available Post-NDA

CONFIDENTIALITY & INSTITUTIONAL DISCLAIMER: This interactive transaction command center is for preliminary institutional discussion only and does not constitute an offer, commitment, solicitation, or binding financing agreement. All working figures (RM 3.55B perimeter, RM 2.10B Senior, RM 710M Junior, RM 740M Equity, 12%–15% target IRR, and CFADS scenarios) remain subject to confirmatory VDR due diligence, definitive documentation, regulatory approvals, and final sources and uses.

Vision Elite Assets (VEA)

kevin@visioneliteassets.com | raziman@visioneliteassets.com

https://visioneliteassets.com