World’s largest rubber glove company sets up 3 bln ringgit sukuk programme
Malaysia’s Top Glove, the world’s largest rubber glove company, has set up a 3 billion ringgit ($737.15 million) perpetual sukuk programme.
The company said in a filing with Bursa Malaysia on Thursday (Jan 23) the programme will be based on wakalah bi al-istithmar.
Top Glove said proceeds raised from sales of sukuk under the programme will be used to refinance existing debt, repay inter-company borrowings, and/or finance working capital requirements, investments, acquisition, capital expenditure and/or general corporate purposes.
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