KUALA LUMPUR (Nov 14): Tropicana Corp Bhd (KL:TROP) has issued a RM300 million tranche under its 2024 Islamic medium-term note (IMTN) programme to fund its township projects and support expansion next year.
In a statement on Friday, the group said the tranche had been increased from RM200 million due to strong demand and oversubscription, mainly by government-linked investors. Tropicana said the issuance supports its plans to strengthen financial management and drive growth.
In October 2025, Tropicana said it had made its RM139 million Tranche 4 payment under the RM1.5 billion IMTN programme, bringing total payments to RM1.12 billion. The group said this reflects its prudent financial management and commitment to investors.
Tropicana’s balance sheet remains solid, with gross gearing reduced from 0.43 times at end-2024 to 0.42 times as of June 30, 2025. Unbilled sales stayed strong at RM2.1 billion.
The group said it continues to generate stable earnings, supported by ongoing and new developments with an estimated gross development value (GDV) of RM6.5 billion nationwide.
MARC Ratings recently upgraded Tropicana’s outlook to positive from stable, citing its improved balance sheet and ongoing debt-reduction efforts through asset sales.
Tropicana aims to cut borrowings to RM1.2 billion by end-2025, but its total debt stood at RM2.26 billion as of June 30, 2025.
Its net profit fell 92.6% year-on-year to RM2.56 million in the first half of FY2025 due to lower recurring income from asset disposals.
Tropicana’s current landbank stands at 1,336.1 acres, with a total potential GDV of RM168.4 billion.
Tropicana’s share price closed one sen higher at RM1.11 on Friday, valuing the company at RM2.79 billion.