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- This issuance aligns with the group’s strategy to optimise financial management while advancing its strategic growth initiatives. The proceeds from this sukuk will be channelled towards funding key projects across Tropicana’s townships in Malaysia, supporting its continued expansion in the coming year.
PETALING JAYA (Nov 14): Tropicana Corporation Bhd today announced the successful issuance of another Sukuk Wakalah amounting to RM300 million in nominal value under its Islamic medium-term notes (IMTN) Sukuk Wakalah programme.
The RM300 million Tranche 4 Sukuk Wakalah, launched under the 2024 IMTN programme, was upsized from RM200 million following robust investor demand and was oversubscribed, with a significant portion taken up by government-linked institutional investors, stated Tropicana in a media release.
This issuance aligns with the group’s strategy to optimise financial management while advancing its strategic growth initiatives. The proceeds from this sukuk will be channelled towards funding key projects across Tropicana’s townships in Malaysia, supporting its continued expansion in the coming year.
Earlier on October 2025, the group announced that it has fulfilled its payment obligations of RM139 million, a Tranche 4 payment under its RM1.5 billion IMTN programme introduced in 2020, bringing total cumulative payments under the programme to RM1.12 billion.
Tropicana’s balance sheet recorded a reduction in gross gearing from 0.43 times as of Dec 31, 2024 to 0.42 times as of June 30, 2025, while unbilled sales remain at RM2.1 billion. The group continues to generate sustainable earnings while driving momentum with ongoing and new developments valued at an estimated GDV of RM6.5 billion across Malaysia.
Some of these are Premium Green Terraces @ Tropicana Alam, Puncak Alam; Bungalow Lots @ Tropicana Paradise @ Genting Highlands; Clarissa Serviced Suites & Beachwalk Shoppes, Tropicana Cenang @ Langkawi; Skypark Kepler Branded Residences, Lido Waterfront Boulevard @ Johor; and Fraser Heights Terrace Homes, Tropicana Uplands @ Johor.
Tropicana will remain focused on sustaining its growth trajectory through enhanced sales performance, strategic monetisation of landbank and investment properties, and continued financial optimisation.
Meanwhile, MARC Ratings revised its outlook on Tropicana to positive from stable with an A rating. This upgrade reflects the group’s improved balance sheet.
“In line with our mission to transform Tropicana into a future-ready group committed to sustainable growth, we have prioritised strengthening our core property segment, leveraging on our expertise, our unique development DNA and ESG commitments. We extend our sincere appreciation to our business partners for their unwavering support and trust in our group,” said Tropicana’s management. Tropicana’s current landbank stands at 1,336.1 acres, with a total potential GDV of RM168.4 billion.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
