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 TOPGLOV 7113  TOP GLOVE CORPORATION BHD subsidiary to cancel RM40m Islamic bonds under RM3b perpetual scheme

KUALA LUMPUR (April 27): Top Glove Corp Bhd's wholly-owned subsidiary TG Excellence Bhd will cancel RM40 million worth of Islamic bonds under the latter's RM3 billion perpetual sukuk programme on Friday (April 29) pursuant to TG Excellence's buy-back transaction notification, according to the bonds' facility agent Hong Leong Investment Bank Bhd (HLIB).

"Pursuant to a notification of a buy-back transaction by the issuer (TG Excellence), we as the facility agent wish to inform that the following stock will be cancelled on April 29, 2022:

"Stock code PZ200004 [with a] nominal amount [of] RM40 million," HLIB said in a filing on Tuesday on Bank Negara Malaysia's Fully Automated System for Issuing/Tendering website.

HLIB, however, did not specify the duration and annual profit rate of TG Excellence's perpetual sukuk.

Top Glove said in a statement on Feb 20, 2020 that the perpetual sukuk, which offers an annual profit rate of 3.95%, had no legal maturity date.

"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," Top Glove added.

At the noon break on Wednesday, Top Glove's share price settled down three sen or 1.73% at RM1.70, valuing the company at about RM13.62 billion.

Top Glove has 8.01 billion outstanding shares, according to its latest quarterly financial report.

http://www.theedgemarkets.com/article/top-glove-subsidiary-cancel-rm40m-islamic-bonds-under-rm3b-perpetual-scheme

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