DJCMK 8.600% Perpetual Corp (MYR)

Sukuk Factsheet

Sukuk

Tropicana Corporation Berhad

Indicative

Full Lot

Bid Price

99.743

Change in Bid Price

Bid Yield (%)

8.880 %

Change in Bid Yield

0.001

Ask Price

100.324

Change in Ask Price

Ask Yield (%)

7.803 %

Change in Ask Yield

remove 0.006

Indicative price as of 02 Oct 2026, 4:25pm

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Sukuk Information

Tropicana Corporation Berhad is involved in the development of residential and commercial properties including golf courses and resorts. The Company is also involved in mechanical engineering, general trading services, and credit leasing business.

Sukuk Issuer

Tropicana Corporation Berhad

Guarantor

Announcement Date

03 Sep 2021

Issue Date

15 Sep 2021

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.446

Modified Duration

0.426 @ 02 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

6.600

Distribution Type

Fixed

Annual Distribution Rate

8.600

Distribution Frequency

Semi Annually

Seniority

First Lien

Reference Rate

First Step Up Rate of 2.0% per annum in year 6, and thereafter an incremental 1% p.a. every year until the Maximum Rate of 15% p.a.

ISIN

MYBPZ2100066

CUSIP

BR4186424

Sukuk Currency

MYR

Total Issue Size

270,000,000

Min. Investment Quantity (Nominal)

MYR 1,000

Incremental Quantity (Nominal)

MYR 1,000

Sukuk Type

High Yield Corporate

Sukuk Sector

Financials

Sukuk Sub Sector

Real Estate Management and Development

Issuer Credit Rating (S&P/ Fitch/ MARC/ RAM)

***/ N.R/ A/ W.R

Sukuk Credit Rating (S&P/ Fitch/ MARC/ RAM)

***/ N.R/ A-/ N.R

Shariah Compliant

Yes

Islamic Principle

Sukuk Al Musharakah

Exchange Listed

Sukuk Feature(s)

Deferral of Distribution

Optional Deferral of Distribution

The Issuer, at its sole discretion, provided that no Compulsory Periodic Distribution Payment Event has occurred, may opt to defer payment (in whole or in part) of the Expected Periodic Distribution Amount which is otherwise scheduled to be paid on a Periodic Distribution Date, to the next Periodic Distribution Date by giving an optional deferral notice in writing ("Optional Deferral Notice") signed by the Issuer provided that such notice shall be given no earlier than fifteen (15) business days nor less than five (5) business days prior to the relevant Periodic Distribution Date, to the Facility Agent and the Sukuk Trustee (for and on behalf of the Sukukholders).

The Issuer may at its sole discretion, elect to further defer any outstanding Arrears of Deferred Periodic Distribution by complying with the foregoing notice requirement. The Issuer is not subject to any limit as to the number of times the Expected Periodic Distribution Amount and the Arrears of Deferred Periodic Distribution can be deferred except that the provisions on the Dividend and Capital Stopper (as defined in the section entitled Other terms and conditions – Dividend and Capital Stopper) shall be complied with until all outstanding Arrears of Deferred Periodic Distribution have been paid in full.

Dividend and Capital Stopper

So long as any Expected Periodic Distribution Amount and/or any Arrears of Deferred Periodic Distribution is outstanding, the Issuer shall not:

(1) declare or pay any dividends, distributions or other payments on, and will procure that no dividend, distribution or other payment is made on any of its Junior Obligations or its Parity Obligations (except on a proportionate basis with the Sukuk Musharakah); or

(2) redeem, reduce, cancel, buy-back or acquire and will procure that no redemption, reduction, cancellation, buy-back or acquisition is made in respect of any of its Junior Obligations or its Parity Obligations (except on a proportionate basis with the Sukuk Musharakah),

provided that the Issuer has paid all outstanding Expected Periodic Distribution Amount and any Arrears of Deferred Periodic Distribution in full.

Dividend and Capital Pusher

Notwithstanding the Optional Deferral of Distribution, the payment by the Issuer of any outstanding Expected Periodic Distribution Amount and any Arrears of Deferred Periodic Distribution (if any) will be mandatory within fifteen (15) days from any of the following events:

(1) if the Issuer has declared or paid any dividends, distributions or other payments on any of its Junior Obligations or its Parity Obligations (except on a pro-rata basis with Sukuk Musharakah); or

(2) if the Issuer has redeemed, reduced, cancelled, bought-back or acquired any of its Junior Obligations, or its Parity Obligations (except on a pro-rata basis with Sukuk Musharakah).

Issuer Call

The Issuer may, at its sole discretion, redeem at par, (in its entirety but not partially) of the Sukuk Musharakah at the relevant Exercise Price on the First Call Date or any Call Date (as defined below) thereafter. The Issuer shall give not less than thirty (30) days and not more than sixty (60) days prior written notice (which notice shall be irrevocable) to the Facility Agent and the Sukuk Trustee (for and on behalf of the Sukukholders) for the Optional Redemption.

“Call Date” means the First Call Date and each Periodic Distribution Date thereafter.

“First Call Date” means a date to be determined prior to each issuance of the Sukuk Musharakah where the Optional Redemption may first be exercised by the Issuer.

First Call Date: 15 Sep 2026

Stepped Up Events Redemption

For so long as any of the Stepped Up Events has occurred and is continuing, the Issuer may at its sole discretion, redeem the Sukuk Musharakah (in whole, but not in part) at the relevant Exercise Price.

Stepped Up Events

Leverage Event, Delisting Event and Capital Reduction Event shall each constitute a “Stepped Up Event”, and collectively shall be the ‘Stepped Up Events”.

Delisting Event

If the Issuer fails to maintain its status as a public listed company on Bursa Malaysia and is delisted or the shares of the Issuer are suspended from trading on Bursa Malaysia for a consecutive period of 30 days or more, a Delisting Event shall have occurred. Optional Redemption and Stepped Up Events Redemption

The Exercise Price shall be equal to:

(a) the nominal value of the Sukuk Musharakah; plus

(b) any Expected Periodic Distribution Amount payable and unpaid up to the date of full redemption of the Sukuk Musharakah (including any Arrears of Deferred Periodic Distribution and any Additional Periodic Distribution Amount); plus

(c) any Liquidity Facility.

Tropicana as the Issuer, is entitled to set off the Exercise Price with any Liquidity Facility to be repaid to Tropicana as the Manager.

Distribution Rate Step Up

First Step Up Rate of 2.0% per annum in year 6, and thereafter an incremental 1% p.a. every year until the Maximum Rate of 15% p.a.

Stepped Up Events

Leverage Event, Delisting Event and Capital Reduction Event shall each constitute a “Stepped Up Event”, and collectively shall be the ‘Stepped Up Events”.

The Periodic Distribution Rate of the Sukuk Musharakah shall be stepped up to the Maximum Rate from the expiry of 45 days period from the date any of the Stepped Up Events first occurred until such Stepped Up Event ceases to subsist.

If the Issuer fails to maintain its status as a public listed company on Bursa Malaysia and is delisted or the shares of the Issuer are suspended from trading on Bursa Malaysia for a consecutive period of 30 days or more, a Delisting Event shall have occurred.

Make Whole Call

"Make-Whole Amount" means the amount, equal to the sum of (a) the present value of the nominal value of the outstanding Sukuk Musharakah to be redeemed, discounted from the First Call Date to the redemption date, and (b) the present value of all Expected Periodic Distribution Amount payable from the redemption date up to and including, the First Call Date, discounted to the redemption date on a semi-annual basis (assuming a 365 day year) at the relevant discount rate being the Relevant MGS Rate plus the relevant margin (“Make Whole Margin”) to be agreed between the Issuer and the Lead Manager prior to the issue date of the relevant tranche of the Sukuk Musharakah.

Make-Whole Margin: 75% of Initial Spread (i.e. Yield to First Call less 5 year MGS)

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Distribution Dates	Distribution	Principal Amount	Cash Flow

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