Islamic Finance

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.

HSBC Amanah Malaysia Berhad is the sole Principal Adviser and Lead Arranger for the sukuk wakalah programme.

CIMB Investment Bank Berhad, Hong Leong Investment Bank Berhad, HSBC Amanah Malaysia Berhad and Maybank Investment Bank Berhad are the Joint Lead Managers for the sukuk issuance.

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