Tropicana Corporation Announces MYR 100 Million Sukuk Issuance from its MYR 1.5 Billion Sukuk Wakalah

Tropicana Corporation (Tropicana), a Malaysian residential property managers company, has announced the issuance of a MYR 100 million Sukuk, as part of its MYR 1.5 billion Sukuk Wakalah programme, according to a bourse filing released on the 3rd of September 2020.

According to the filing, proceeds of the issuance will be used to pay off existing funding and borrowings to facilitate the secured properties, as well as cover funding costs of the issuance of the Sukuk and the Sukuk Wakalah programme. Tropicana stated that the proceeds would also be used as capital expenditure, working capital and for refinancing and investments for Shariah-compliant purposes, according to priority.

The...