Tropicana issues final tranche of RM110mil sukuk


In its filing with the stock exchange, Tropicana said the sukuk wakalah, with a tenor of three years, came with a senior ranking and a security cover of 1.5 times.

PETALING JAYA: Tropicana Corp Bhd has issued the final tranche of the RM110mil in nominal value under its RM1.5bil sukuk wakalah programme.

The property developer said proceeds from the issuance would be utilised for the repayment of existing financing to unencumber the secured properties as well as capital expenditure and investments.

In addition, the proceeds would also be used on working capital, refinancing of existing financing and general corporate purpose of the company and/or its group of companies.

In its filing with the stock exchange, Tropicana said the sukuk wakalah, with a tenor of three years, came with a senior ranking and a security cover of 1.5 times.

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