Tropicana issues sukuk wakalah


The programme had been affirmed a credit rating of A IS, with a “stable” outlook by Malaysian Rating Corp Bhd.

PETALING JAYA: Tropicana Corp Bhd has issued sukuk wakalah of RM183mil in nominal value out of its RM1.5bil sukuk wakalah programme.

The programme had been affirmed a credit rating of A+IS, with a “stable” outlook by Malaysian Rating Corp Bhd.

The sukuk wakalah, with tenures of five years and seven years, has a senior ranking and is secured.

The property developer said proceeds from the issuance of the sukuk wakalah would be utilised for the repayment of existing financing/borrowings to unencumber the secured properties; capital expenditure and investments; and working capital, among others.

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Tropicana Corp , property , developer , issues , sukuk , wakalah ,

   

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