Malaysia’s TH Plantations Issues Perpetual Sukuk Worth MYR 300 Million Under Sukuk Wakalah Programme

Malaysia-based TH Plantations Berhad (TH Plantations), the plantation arm of Lembaga Tabung Haji, has announced the issuance of Sukuk Wakalah nominally valued at MYR 300 million (USD 68 million), through its special purpose vehicle THP Suria Mekar Sdn Bhd (TSM) and under its unrated MYR 1.08 billion (USD 244 million) Sukuk Wakalah Programme, as per a bourse filing on the 8th of July 2022.

Why it Matters?

The Sukuk has a perpetual tenure and a 5.98% annual periodic distribution rate up to its first call date on the 7th of July 2034. TSM will use the proceeds of the offering to refinance outstanding Sukuk issued under its current Sukuk Murabahah Programme that is nominally valued at MYR 1.2 billion (USD 271 million).

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