Perpetual Sukuk Issuance to Bring in MYR 1.3 billion for Malaysia’s Top Glove Unit

TG Excellence Bhd, a fully-owned subsidiary of Top Glove Corporation Bhd, is set to raise MYR 1.3 billion from its perpetual Sukuk issuance, which has been assigned an AA- rating by Malaysian Rating Corporation Bhd.

The perpetual Sukuk has no legal maturity date, and the company has the option to redeem it five years from the date of issue, or at bi-annual intervals thereafter.

The initial yield on the Sukuk was 3.95% per annum, representing the lowest yield ever achieved for a corporate perpetual transaction in the Malaysian Market.

The company plans to use the proceeds for a number of purposes: to bring down its debt levels, for capital expend...