Reference is made to the announcements dated 16 April 2020, 30 June 2020, 3 September 2020 and 8 October 2020 in respect of the Sukuk Wakalah Programme undertaken by Tropicana.

Tropicana is pleased to announce that the Company has on 15 April 2021 successfully issued Sukuk Wakalah of RM183 million in nominal value (“Sukuk Issuance”) out of its RM1.5 billion Sukuk Wakalah Programme, which has been affirmed a credit rating of A+IS with a stable outlook by Malaysian Rating Corporation Berhad.

The Sukuk Wakalah, with tenors of 5-year and 7-year, has a senior ranking and is secured.

The proceeds from the issuance of the Sukuk Wakalah shall be utilised by the Company for the following Shariah-compliant purposes in the following order of priority:

(i) repayment of existing financing/borrowings to unencumber the secured properties; and

(ii) defraying fees, costs and expenses in relation to the issuance of the Sukuk Wakalah and Sukuk Wakalah Programme.

The remaining proceeds after (i) and (ii) above shall be utilised by the Company for the following Shariah-compliant purposes:-

(a) capital expenditure and/or investments (including but not limited to the purchase of land(s), building(s), shares, property and/or payment into joint ventures) of the Company and/or its group of companies;

(b) working capital of the Company and/or its group of companies;

(c) refinancing of existing financing/borrowings of the Company or its group of companies; and/or

(d) general corporate purpose of the Company and/or its group of companies.

HSBC Amanah Malaysia Berhad is the sole Principal Adviser and Lead Arranger for the Sukuk Wakalah Programme. CIMB Investment Bank Berhad, HSBC Amanah Malaysia Berhad and Maybank Investment Bank Berhad are the Joint Lead Managers for the Sukuk Issuance.

This announcement is dated 15 April 2021.