Tropicana Redeems RM100 Mln Sukuk Wakalah

KUALA LUMPUR, Sept 3 (Bernama) -- Tropicana Corporation Bhd has redeemed another tranche of the sukuk wakalah programme worth RM100 million due today.

The company said in a statement that it has also successfully redeemed a tranche of RM123.5 million on June 30, 2025 under the sukuk wakalah programme.

"The redemption of sukuk reflects Tropicana’s prudent financial management and commitment to fulfilling its obligations to investors.

"The group continues to deliver sustainable earnings backed by its RM2.1 billion unbilled sales, as well as gain market traction with its ongoing and new signature developments with an estimated gross development value (GDV) of RM6.5 billion across Malaysia," it said.

According to the group, Tropicana will continue its growth trajectory with its ongoing initiatives to enhance sales performance, monetise its landbank and investment properties as well as optimise financial management.

The property investment group's balance sheet continues to strengthen, with gross gearing level reduced from 0.43 times as of December 31, 2024 to 0.42 times as of June 30, 2025.

"We have strategic divestment plans in place and will continue to roll out effective sales campaigns to drive growth.

"We also want to take this opportunity to extend our sincere appreciation to our business partners who have been supportive of Tropicana Group," it added.

Tropicana’s current landbank stood at 1,336.1 acres (540.70 hectares), with a total potential GDV of RM168.4 billion, it said.

-- BERNAMA