Tropicana issues RM270m sukuk

PETALING JAYA: Tropicana Corp Bhd has issued a RM270 million sukuk from its Perpetual Sukuk Programme.

The programme has been assigned a credit rating of AIS with a stable outlook by Malaysian Rating Corp Bhd.

“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,“ it said in a filing to Bursa today.

The company will use the proceeds from the sukuk Issuance for syariah-compliant purposes including the refinance of existing financing and debt obligations and to finance the working capital requirements, investments, capital expenditure, and general corporate purposes of the company and its subsidiaries, associated companies, and jointly controlled entities.

CIMB Investment Bank Bhd is the sole principal adviser and sole lead arranger for the Perpetual Sukuk Programme, while Alliance Investment Bank Bhd and CIMB Investment Bank are the joint lead managers for the sukuk issuance.