Tropicana Corporation Issues MYR 318 Million Sukuk from its MYR 1.5 Billion Sukuk Wakalah

October 09, 2020

Tropicana Corporation (Tropicana), a Malaysian residential property managers company, has issued MYR 318 million in Islamic bonds, as part of its MYR 1.5 billion Sukuk Wakalah programme, according to a recent bourse filing.

The proceeds of the issuance will be used to pay off existing financing or borrowings, to cover fees, costs and expenses of the Sukuk programme as well as for capital expenditure and investment purposes.

The Sukuk, which has been assigned a credit rating of A+IS with a Stable Outlook by Malaysian Rating Corporation, has a three and five year tenure with a senior ranking and security cover of 1.5 times, according to local media reports.