Tropicana Issues MYR 270 Million Perpetual Sukuk to Refinance Debts and Fund Working Capital Requirements

Tropicana Corporation (Tropicana), a Malaysia-based property developer, has successfully issued MYR 270 million in nominal value of Perpetual Sukuk Musharakah (Perpetual Sukuk), from its Perpetual Sukuk Programme of MYR 2 billion in nominal value, which is based on the Shariah principle of Musharakah, according to an announcement filed with Bursa Malaysia on the 15th of September 2021.

Why it Matters?

Proceeds from the Perpetual Sukuk issuance will be utilised for Shariah-compliant purposes to refinance existing financing/debt obligations of Tropicana and/or its subsidiaries, associated companies and/or jointly controlled entities. In addition, proceeds will be used to finance working capital requirements, capital expenditure, investments, and/or gene...