The Star Online - Tropicana Redeems RM465.5mil Islamic Bond

PETALING JAYA: Tropicana Corp Bhd has redeemed the Sukuk Wakalah Programme tranche of RM465.5mil due on June 30.

In a statement, the property developer said this Sukuk Wakalah Programme was part of the RM1.5bil Islamic medium term notes programme issued by the group.

The management cited that the group will continue to deliver sustainable earnings backed by its solid RM2.1bil unbilled sales, ongoing property sales campaign as well as improved performance from the group’s property development, property investment, recreation and resort operations.

“Sustainability is part of Tropicana’s core and we have prioritised the property segment, anchored on our development DNA and ESG commitments. We have strategic plans in place that we are confident of achieving and we will continue to roll out effective marketing and sales campaigns to drive growth. We also want to take this opportunity to extend our sincere appreciation to our bankers who have been supportive to Tropicana Group,” it said.

“In addition, we have robust unbilled sales of RM2.1bil and in the pipeline, we will continue to unlock our landbank offering four new developments with a total gross development value (GDV) of RM1.1bil which will contribute to the future earnings of the group.”

Overall, Tropicana’s total landbank spans 2,091 acres, with a total potential GDV of approximately RM203.7bil, placing the Group in a good position to unlock the value of its strategic landbank and deliver sustainable performance in the next few years.