Tropicana Corporation Issues Final Tranche Under Its MYR 1.5 Billion Sukuk Wakalah Programme 

Tropicana Corporation (Tropicana), a Malaysia-based residential property management company, has announced the issuance of the final tranche of Sukuk Wakalah of MYR 110 million in nominal value, as part of its MYR 1.5 billion Sukuk Wakalah Programme, according to a bourse filing released on the 8th of June 2021.

Why it Matters?

The Sukuk tranche marks the ninth and final issuance under Tropicana’s MYR 1.5 billion Sukuk Wakalah Programme. Proceeds from the issuance will be used by the company to repay existing financing/borrowings to unencumber the secured properties as well as cover funding costs of the issuance of the Sukuk and the Sukuk Wakalah programme. In addition, the remaining proceeds will be used by Tropicana for Shariah-compliant purp...