GEORGE TOWN – Bank Pembangunan Malaysia Berhad (BPMB) and Hartasuma Ropeways Sdn Bhd have formalised a RM 367.2 million agreement for the highly anticipated Penang Hill Cable Car project.
The deal, signed today between the development bank and the special purpose vehicle (SPV) created by Hartasuma Sdn Bhd, signals a critical step forward as the project progresses into full-scale construction.
Hartasuma Ropeways, the long-term concessionaire for the cable car system, will be responsible for the development, financing, operation, and maintenance of the entire system.
In a statement, Tan Sri Ravidran Menon, Executive Director of Hartasuma Sdn Bhd, outlined the firm’s ambition to complete the cable car system by early 2027.
“We are building more than a cable car. We are building a shared memory—one that will be passed down in stories, revisited in photographs, and treasured in the hearts of those who journey here,” he said.
“That is the legacy we are proud to help bring to life. Securing this financing facility is a defining moment—not just for Hartasuma, but for Penang Hill and the many stakeholders who believe in its potential.”
Mohamed Nazri Omar, Managing Director of Group Corporate and Investment Banking at BPMB, noted that the financing reflects the bank’s ongoing commitment to impact capital, which drives national development and empowers local economies.
He added that the project would provide significant opportunities to the local economy.
This agreement also marks BPMB Group’s inaugural blended finance initiative, combining debt financing from BPMB with equity investment through its subsidiary, BPMB Dana Sdn Bhd.
The equity portion is further bolstered by the National Energy Transition Facility (NETF), a strategic fund managed by the Ministry of Economy, designed to support Malaysia’s transition to a low-carbon economy.
The new cable car system will provide an alternative transport option to the existing funicular railway, helping accommodate the growing number of visitors to Penang Hill.
Designed to carry up to 1,400 passengers per hour in each direction, the cable car will offer a 10-minute journey from Penang Botanical Gardens to the summit—providing a more efficient, scenic, and accessible choice, particularly during peak periods and when the funicular is undergoing maintenance. – August 6, 2025