Tropicana Corporation Issues MYR 200 Million Seven-Year Islamic Medium Terms Notes

Malaysia-based conglomerate, Tropicana Corporation (Tropicana) has issued a MYR 200 million, seven-year Islamic Medium-Term Notes (IMTN). According to the IslamicMarkets Sukuk Monitor this issuance comes as the first tranche of Tropicana's A+ rated MYR 1.5 billion Senior Sukuk Wakalah programme.

According to Tropicana, it will use the funds raised from the MYR 1.5 billion Senior Sukuk Wakalah programme to repay borrowings to unencumber secured properties, for investments, for capital expenditure, as well as to meet working capital requirements.

Stuart Milne, the Chief Executive Officer of HSBC Malaysia, stated that the rated and senior secured offering was completed in the midst of u...