Malaysian property developer Tropicana issues 318 mln ringgit sukuk
Malaysian property developer Tropicana Corporation has issued a 318 million ringgit ($76.7 million) nominal value sukuk wakalah.
The company said in a bourse filing on Thursday (Oct 8) the sukuk was issued out of its 1.5 billion sukuk wakalah programme. It carries two tranches with tenures of three years and five years.
The proceeds from the sukuk will be channeled to several activities, including repaying existing debt, defraying expenses related to the issuance of the sukuk and sukuk programme, as well as to capital expenditure, investments, and working capital.
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