Tropicana Corporation Bhd has redeemed another RM133.2 million under its RM1.5 billion Islamic Medium-Term Notes (IMTN) 2020 sukuk programme, the company said in a statement on Wednesday.
The redemption of Tranche 5 of the perpetual sukuk brings total repayments under the programme to RM1.25 billion, according to the property developer.
Tropicana said the move is part of its ongoing efforts to reduce borrowings and strengthen its balance sheet.
This latest repayment follows earlier debt reductions, including a RM89.43 million redemption in March under Tranche 1, and a RM130 million settlement under Tranche 4 in October last year.
The group’s unbilled sales stand at RM2 billion, providing continued earnings visibility. It also said its ongoing and upcoming developments carry a combined gross development value (GDV) of about RM7.5 billion.
For the financial year ended Dec 31, 2025, Tropicana’s net loss narrowed to RM118.83 million from RM208.52 million a year earlier, while revenue rose to RM1.5 billion from RM1.4 billion.
The company plans to launch 11 developments this year with a GDV of RM3.1 billion, including projects in Kota Kemuning, Cyberjaya, Genting Highlands, Langkawi, and Johor. It also expects several project handovers in 2026 across Kota Kemuning, Petaling Jaya, and Langkawi.
Tropicana said its landbank currently totals 1,336 acres, with a potential GDV of RM168.4 billion.
Shares in Tropicana closed two sen or 1.7% higher at RM1.20, valuing the company at RM3 billion.
