Wong & Partners has represented Sime Darby Berhad on its perpetual subordinated sukuk programme of up to 3 billion ringgit ($780 million) in nominal value – the first globally based on the shariah principle of wakalah. 

Meanwhile, ZICOlaw advised Maybank Investment Bank, the sukuk’s principal adviser.

The first tranche, worth 2.2 billion ringgit, was 1.8 times oversubscribed, and proceeds from the offering will be mostly used to refinance Sime Darby's debt obligations. The sukuk is the biggest global issuance by a non-bank and is the largest ringgit-denominated perpetual sukuk issuance to date.

Partners Mark Lim and Esther Chik led Wong & Partners’ team while the Sime Darby legal team was led by their group general counsel, Choo Suit Mae and Noorhoney Abu Hassan.