Guan Chong Completes First MYR 300 Million Tranche of MYR 800 Million Sukuk Wakalah Issuance

Guan Chong, a Malaysian-based cocoa processor, has issued its first tranche worth MYR 300 million of Islamic medium-term notes (Sukuk Wakalah), on the 4th of December 2020, according to local media reports. The Sukuk Wakalah issuance has a seven-year tenure and a coupon rate of 3.84% per annum.

The tranche is part of Guan Chong’s MYR 800 million Sukuk Wakalah Programme, which was recently assigned a final rating of AA-IS with a Stable Outlook by Malaysian Rating Corporation. Proceeds of the issuance will be used to finance general working capital, capital expenditure, refinancing of current borrowing and other general corporate purposes, according to local media reports. Guan Chong will issue subsequent tranches of up t...