Sri Trang Gloves Thailand Wins “Best New Green Bond” at The Asset Triple A Awards

Singapore, 30 January 2023 – Sri Trang Gloves (Thailand) Public Company Limited, a world-leading glove producer, has won “Best New Green Bond” (Sustainable Finance category) at The Asset Triple A Awards.

As the pre-eminent recognition for organisations in the banking, finance, treasury and the capital markets space, The Asset’s annual Triple A Awards is built upon a stringent and rigorous methodology to spotlight the best institutions and deals in North Asia, South Asia and Southeast Asia. In addition, the judging process is spearheaded by a highly experienced board of editors, whose decisions are supplemented by insights on client experience generated by Asset Benchmark Research, Asia-Pacific’s leading research organisation. These reports are generated with feedback and input from issuers and investors, who constitute the bulk of The Asset’s readers.

The green bond is STGT’s inaugural green debenture and its maiden fund-raising exercise in Thailand’s debt capital market. It was designed using the Green Financing Framework as guided by the International Capital Market Association’s Green Bond Principles, the ASEAN Green Bond Standards, as well as the Green Loan Principles issued by the Loan Syndications and Trading Association. Issued in October 2022, the bond received strong interest from institutional and/or high-net-worth investors and was 2.39 times oversubscribed. The Company successfully raised 1.5 billion baht, 150% above its target of 1 billion baht.

The bond proceeds will be used to finance and refinance green projects in renewable energy, pollution prevention and control, energy efficiency, sustainable water and wastewater management and clean transportation.

Commenting on the Company’s achievement, CEO Jarinya Jirojkul, said, “This award is a timely push in the right direction as we pick up pace in sustainable finance investments. It is also especially heartening to see peers in other industries doing their part to raise the collective standards of corporate sustainability. As of end-2022, Sri Trang Group has invested in a total of 68 green projects. During the year, we also launched and made good progress on our “Clean World Clean Gloves” campaign focused on delivering quality products to customers while caring for the environment. Our journey in the green bond space has just begun and we expect to introduce more green products going forward.”