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Tropicana Corp issues RM270m perpetual sukuk

2021-09-15T12:36:20+08:00September 15th, 2021|0 Comments
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KUALA LUMPUR (Sept 15): Tropicana Corp Bhd has successfully issued RM270 million worth of perpetual sukuk that was given AIS rating and a stable outlook by the Malaysian Rating Corporation Bhd (MARC).

In a filing today, Tropicana said the sukuk is part of an RM2 billion perpetual sukuk programme, which is based on the Shariah principle of Musharakah.

The perpetual sukuk is callable at the end of five years from the issue date, and on each subsequent semi-annual periodic distribution payment date thereafter.

The sukuk will be used to refinance existing debt obligations and to finance the group’s expenditures including working capital, investments or capital expenditure.

CIMB Investment Bank Bhd is the sole principal adviser and sole lead arranger for the perpetual sukuk programme. Alliance Investment Bank Bhd and CIMB Investment Bank Bhd are the joint lead managers for the sukuk issuance, it added.

Shares of Tropicana Corp settled up 1 sen or 0.97% at RM1.04 today, valuing the group at RM1.53 billion.

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