Tropicana Corp issues RM183 million sukuk wakalah

KUALA LUMPUR: Tropicana Corporation Bhd has issued Sukuk Wakalah of RM183 million in nominal value, out of its RM1.5 billion sukuk wakalah programme.

In a filing with Bursa Malaysia yesterday, it said the programme has been affirmed a credit rating of A+IS with a stable outlook by Malaysian Rating Corporation Bhd.

“The sukuk wakalah, with tenors of five-year and sevenyear, has a senior ranking and is secured,” it said.

The company said proceeds from the issuance would be utilised for repayment of existing financing/ borrowings to unencumber the secured properties, and defraying fees, costs and expenses in relation to the issuance of the sukuk wakalah, as well as the sukuk wakalah programme.

The remaining proceeds, Tropicana said, would be used for capital expenditure and/or investments of the company and its group of companies, refinancing of existing financing/borrowings and general corporate purpose. — Bernama