MARC has lifted its MARCWatch placement on Top Glove Corporation Bhd’s (“Top Glove”) Islamic debt securities of up to RM100 million Murabahah/Ijarah Commercial Papers (“CP”) Programme and up to RM100 million Murabahah/Ijarah Medium Term Notes (“MTN”) Programme following confirmation from the company that the issue of expired work permits involving a sizeable proportion of its foreign work force has been resolved with the Immigration Department. The company has also put in place corrective measures to prevent a recurrence of the problem.  

MARC had on 18 August 2006; put Top Glove on MARCWatch following revelations that approximately 2,000 of the company’s foreign workforce had not had their work permits renewed on time.