TG Excellence Berhad, an ultimate fully owned subsidiary of Top Glove Corporation Bhd is set to raise RM1.3 billion from the perpetual sukuk issuance, having successfully priced its maiden sukuk transaction.  The initial yield on the perpetual sukuk was priced at 3.95% p.a., the lowest yield ever achieved for a corporate perpetual transaction in the Malaysian markets.

The issuance proceeds will be used to pare down the company’s borrowings, and will also be earmarked for capital expenditure, working capital and general corporate purposes.