Business Today Online - Tropicana Redeems RM179 Million From Its RM1.5 Billion Islamic MTN

Tropicana Corporation Berhad has redeemed the second tranche of the Sukuk Wakalah Programme worth RM179 million due on 6 October 2023, it also successfully redeemed its first tranche of RM465.5 million on 30 June 2023.

This Sukuk Wakalah Programme was part of the RM1.5 billion Islamic Medium Term Notes Programme issued by the Group.

The management cited that the Group continues to deliver sustainable earnings backed by its solid RM2.3 billion unbilled sales, ongoing property sales campaign as well as improved performance from the Group’s property development, property investment, recreation and resort operations.

“In line with our mission to transform Tropicana into a future-ready property group with a strong purpose of sustainable growth, we have prioritised our core property segment, centred around our development DNA and ESG commitments."

"We have strategic divestment plans that we are confident of achieving and will continue to roll out effective sales campaigns to drive growth, especially emphasising on our digital and online engagement initiatives."

"We also want to take this opportunity to extend our sincere appreciation to our business partners who have been supportive to Tropicana Group.” the management emphasised.

“In July 2023, we reported the achievement of RM664.2 million property sales in the first six months of 2023 with high sales bookings of over RM1.3 billion. We are confident that the Group will continue to strengthen its market presence and contribute to its future earnings supported by our unbilled sales of RM2.3 billion and strong take-up for our ongoing projects."