Qualitas Sukuk Berhad’s inaugural Islamic notes issuance programme opened a new chapter for Malaysia’s debt market by pairing senior and perpetual tranches in a single wakala structure.
The three-part offering raised MYR485 million of senior sukuk and MYR195 million of perpetual sukuk, giving the sponsors of Qualitas Medical Limited – a consortium led by Southern Capital Group alongside management – the means to reorganise their shareholding, refinance group borrowings and secure headroom for regional expansion. The sukuk was issued through a special purpose vehicle (SPV), insulating the operating healthcare assets while preserving Shariah compliance.
[It] opened a new chapter for Malaysia’s debt market by pairing senior and perpetual tranches in a single wakala structure
The perpetual tranche carried an initial 6% distribution, but introduced a novel, Rating Agency Malaysia (RAM)-rated step-up that tightens the call incentive. Execution risk was contained through a bought-deal format that aligned issuance with the refinancing deadline for Qualitas’s bank loans, shielding the trade from market volatility.
CIMB acted as sole principal adviser, sole lead arranger and lead manager, positioning the credit, underwriting the bought deal and distributing the sukuk within the required timetable.
