PETALING JAYA: Tropicana Corp Bhd
has redeemed the third tranche of the Sukuk Wakalah Programme worth RM110mil, which was due on June 7, 2024.
The company said it had successfully redeemed its first tranche of RM465.5mil on June 30, 2023 and its second tranche of RM179mil on Oct 6, 2023, under the programme.
“The redemption of sukuk reflects Tropicana’s prudent financial management and commitment to fulfilling its obligations to investors.
“The group continues to deliver sustainable earnings backed by its RM2.4bil unbilled sales, as well as improved performance from its property development, property investment, recreation and resort operations,” it said in a statement.
Tropicana said its balance sheet continues to strengthen, with gross gearing level reduced from 0.74 times in financial year 2023 (FY23) to 0.68 times as at March 31, 2024.
“This de-gearing exercise has also decreased the group’s overall debt level from RM3.8bil in FY23 to RM3.5bil.”
