darrenliewJUST WONDERING WHY TROP NEED TO TAKE ADDITIONAL SUKUK LOANS ( ANOTHER RM100 MILLIONS IN ADDITION TO THE RM348 MILLIONS ALREADY TAKEN EARLIER). THE INTEREST RATE IS HIGH AND COSTLY AT 7% AND PROGRESSIVELY INCREASING UP TO 15% (PER 2Q FINANCIAL STATEMENTS). OTHER READERS' VIEWS NEEDED
04/09/2020 10:06 AM
maimunahTropicana issues RM100m sukuk to repay borrowings, defray financing expenses
04/09/2020 10:23 AM
maimunahTropicana Corporation Bhd has issued an RM100 million sukuk out of its RM1.5 billion Sukuk Wakalah programme to repay borrowings and defray financing expenses The repayment of existing financing and borrowings is to unencumber the secured properties. The proceeds will also be utilised to defray fees, costs and expenses in relation to the issuance of the sukuk and the Sukuk Wakalah programme According to the group, the Islamic bond has a five-year tenor, senior ranking and a security cover of 1.5 times, while the Sukuk Wakalah programme has been assigned a credit rating of A+IS with a stable outlook by Malaysian Rating Corporation Bhd. HSBC Amanah Malaysia Bhd is the sole principal adviser and lead arranger for the Sukuk Wakalah programme, and the sole lead manager for the sukuk issuance. Tropicana said it also plans to utilise the proceeds as capital expenditure, working capital and for investments and refinancing. The money shall be utilised by the company for Shariah-compliant purposes in the order of priority.
04/09/2020 10:23 AM
joniYes why Loan ? Investors’ view this Company is running at high expenditures , questionable management and incredible low and poor sale, the only cash inflow is from Loan to keep it afloat and breath; better jump ship to cut loss.
12/09/2020 11:13 PM
Learn1stBuyLaterYes, it also caught by eyes looking at the company has been issuing substantial amount of sukuk http://bondinfo.bnm.gov.my/portal/server.pt?
It looks as if the company borrows, then borrow again to pay the previous borrowings. I have concern its 10 years loan stock which is issued in 2012 and mature in 2022. The amount is RM684mil!!!
Val-EltaThe public shareholding already drop below 25% about 2 weeks ago. And recently, a lot of shares have been traded as well, the volume for the past 5 days is huge.
Anyone believe that they may privatize the company?
newkidTop has utilised all his cash reserve on SBB, now he use Tropicana to support his Top price !!!!! Yesterday bought ,today paper loss 3.8 million ! You just imagine Top SBB already loss how many million ....
04/12/2020 4:11 PM
ppp888Time to sell. Already net debt, still use cash to buy TG.
05/12/2020 11:36 AM
joniTrop failed in properties now in gloves another scam jobs. So sad.
05/12/2020 11:42 AM
fofoCovid-19: CMCO in Penang except for four localities ends as scheduled on Dec 6 — Ismail Sabri
06/12/2020 4:30 PM
Victor YongKUALA LUMPUR (Dec 7): Tropicana Corp Bhd announced a couple of boardroom changes today, including the resignation of an independent director and the redesignation of one to a senior independent director's post, while the company was asked to justify its recent acquisitions of RM78.47 million worth of shares in Top Glove Corp Bhd.
In separate filings today, Tropicana said its independent and non-executive director Loh Chen Peng, 66, who is also a member of the group's risk committee, has resigned from the board due to health issues, with effect from Dec 5.
At the same time, another independent director Datuk Tang Vee Mun, 47, has been made a senior independent director, with effect from today.
Meanwhile, Tropicana also announced it has been requested by the stock exchange to, among others, justify the rationale behind the group's purchases of 11.25 million Top Glove shares last Friday via the open market, given that the business is different from Tropicana's principal activities.
The bourse also wanted to know why Tropicana, which shares a common shareholder and chairman with Top Glove in Tan Sri Dr Lim Wee Chai, chose Top Glove over other glove companies. The group was also asked to elaborate on the prospects and risk factors of the acquisitions, given "the commercialisation of Covid-19 vaccine in the near future which may hamper the demand of gloves globally as well as the possible negative impact to the share prices of gloves companies including Top Glove".
In response, Tropicana said the Top Glove shares were transacted at prevailing market prices from the open market on the dates, between RM6.528 and RM28.898 (before Top Glove's two-for-one bonus issue) apiece.
It said Lim, who is the founder of Top Glove of which he controls a 25.68% stake — he is also among the top three substantial shareholders with an 11.07% stake in Tropicana — had voluntarily abstained from deliberating and voting for the acquisitions.
It also said the acquisitions were undertaken as part of its investment strategy to capitalise on the potential robust growth of Top Glove.
"The company has chosen to invest in Top Glove instead of other glove companies as Top Glove is the world's largest manufacturer of gloves. It currently captures approximately 26% of the world market share for rubber gloves. Top Glove has also demonstrated steady growth with a compound annual growth rate of 23.1% for revenue and 28.2% for profit after tax over the past 20 years," Tropicana said.
"The acquisitions allow the company to benefit from the prospects of the manufacturing and trading of gloves, which are largely contributed by the increased demand globally for gloves due to the ongoing Covid-19 pandemic and also the growth in the global healthcare services industry," it added.
Last Friday, The Edge reported that Tropicana's purchases of shares in Top Glove had raised questions about why it was buying into the group, whose share price had been declining, weighed by developments in the vaccine discovery space, and the surge of Covid-19 infections among its workers that had caused the temporary closures of 28 of its factories, or half its production capacity.
Shares in Tropicana slipped one sen or 1.14% to close at 87 sen today, giving the group a market capitalisation of RM1.2 billion.
Top Glove, which has spent more than RM1 billion to buy back its own shares since September as its share price retreats, ended the day at RM6.60, down five sen or 0.75% from the previous day's close for a market capitalisation of RM54.1 billion. While the stock has declined 25% since the start of September, it is still up 320% year-to-date.
newkidKena query by bursa only informed that it bought Top @28.898 before bonus split !!!! All boards should resign immediately !!!
08/12/2020 9:31 AM
burstgloveTeach all Trop's board of directors a good lesson by voting them out in next AGM and dumping Trop's shares downgrading it. Bad corporate governance and bad practice
TheGardenerYou all are funny!!! If Im not mistake, The Biggest Share Holder is "Mr. Tan Chee Sing" with 63.33% as at 2nd Jun 2020! Without Mr. Tan agree, do you think "Mr. Lim Wee Chai" dare!? Did you all know who is Mr. Tan Chee Sing please? Anyway, enjoy the show!
25/12/2020 8:12 PM
joniso sad all are good for nothing, expensive seniors are just puppets; its good to put money in genuine counters
29/12/2020 4:11 PM
TheGardenerPlease dont feel sad! In share market, it very depend on your style of investment. Some like PE play, ROE play, dividend play, warrants play, theme play, volume play, chart play, info play, fundamental play.....My advice is like it then stay, hate it then go! “All Roads Lead to Rome! Beside that, base on my 17 years fundamental view of bursamalaysia counter. I think counter with AAA rating is under 50!
TheGardenerAre you sure please? I have very bad experience stay in W Residence for year! The quality of job & material is lousy!
02/01/2021 8:07 PM
UnkleLimGoodbye for their investment in topglove. Paper loss gao gao
04/01/2021 10:03 AM
getingrealReading the above, Tropicana (a property developer) borrowed 100 million by way of a Sukuk at 7% to 15%. Tropicana then spends 78.4 million to buy 11.25 million Top Glove shares (Tropicana's major shareholders own controlled company) at average price of 6.97 a share on the open market, at a time when Top Glove shares were rapidly dropping.
A simple calculation on the above is that a close Friday Tropicana has already lost over 20 million of the 100 million Sukuk in the last few months, plus the significant issue costs and fees paid to HSBC and the high interest being paid on the Sukuk. Also Tropicana will have incurred brokerage fees on the purchase of the shares.
My guess is almost all, if not all, of the net cash received from the 100 million sukuk is gone into buying the 11.25 million Top Glove shares. No wonder Senior Independent Director resigned.
I cant help but think this is a blatant rape of Tropicana minority shareholders to improperly try to prop up the share price of the major shoulders company.
Where is the SEC?
06/03/2021 11:08 AM
hazliPETALING JAYA (March 10): Tropicana Corp Bhd partners with Maybank Islamic to offer a homeownership financing solution that offers 100% financing in collaboration with Maybank Islamic’s HouzKEY program. Tropicana group managing director Dion Tan said in a press release: “We are proud to have Maybank Islamic as our financing partner. At Tropicana, aside from offering customer-centric products, we want to provide easy ownership solutions to our homebuyers too. We believe the unique value propositions offered by Maybank will enable homebuyers to acquire Tropicana property with easy entry and minimal capital outlay. This solution only requires a three-month refundable deposit and it is easy plus attractive to our younger market segment. Coupled with our wide array of product offerings that range from high rise to landed abodes, for both ongoing and move-in ready properties, we believe this collaboration will be a win-win for all parties.” According to Tropicana, the program targets first- and second-time homebuyers as it provides zero payments during construction and the lowest monthly payments with the best rates. Tropicana is one of the early adopters of the latest version of HouzKEY which allows the enjoyment of government incentives such as the Home Ownership Campaign (HOC) that offers stamp duty exemptions, MOT waivers and 10% discount on the purchase of residential properties. This partnership also enables Bumi discount for eligible Bumiputra buyers and EPF withdrawal for monthly payments or direct deduction of principal. Maybank Real Estate Ventures managing director Sally Lye said: “We are truly proud of this collaboration with Tropicana, and we believe that our HouzKEY product is the perfect solution for homeownership in the current market. Working together, we are widening our reach and opening up opportunities for more Malaysians to own properties without having to worry about the high upfront costs associated with purchasing a property.” The participating properties include the completed Paisley Serviced Residences, and the newly launched Residences (South) within Tropicana Metropark, a freehold 88-acre master plan in Subang Jaya with a direct link to the Federal Highway complemented by a 9.2-acre Urban Park and the GEMS International School. Another property is Edelweiss Serviced Residences at Tropicana Gardens which boasts a central location in Kota Damansara and Tropicana Indah with a direct connection to the Surian MRT Station and the one million sq ft Tropicana Gardens Mall. Two more offerings that are slated for completion in 2021 are the modern apartments of Aman 1 at Tropicana Aman, Kota Kemuning which is a walking and biking community with an 85-acre central park, Tenby International School and SJKC Bukit Fraser; and the linked villas of Lakefield Residences at Tropicana Heights, Kajang — a freehold 199-acre masterplan sited on a former golf course which has a 16-acre central park and a two-acre recreational hub. In the southern region, Ayera Residences offers two-storey park homes nestled within the exclusive enclave of Tropicana Danga Cove, Iskandar Malaysia. Concurrently, Tropicana is running its Tropicana 100 campaign which offers 100% deals for homebuyers. In conjunction with the Chinese New Year, Maybank Islamic is also running the HouzKEY 2021 Ox-picious New Year Campaign offering additional RM800 vouchers for HouzKEY applicants until April 8 this year.
12/03/2021 11:11 PM
getingrealAnyone else want to use forum for advertising?
15/03/2021 3:35 PM
breederLooks like its prices are trending south ….. waiting below 80 sen.
01/04/2021 5:38 PM
IdleMoney66typical buy high sell low..... How can this corp can be so ridiculous? What happen to the Board of directors here? No one against on buying Topglove at high price and then sell at a lower price?? Lim really disappointed us and also Tan family....Both doing good in charity Tsun zi but con at the minor investor here...
joni@Hazli Tropicana Metropark link road into federal highway was partly completed, only KL bounce traffic can swing to federal highways but not Klang bounce ; See the sore eye incomplete elevated sections were overhanging and poorly built bumpy tarmac road. They are so good in cutting corners. Promises never fulfilled as in when it was launched few years back.
05/05/2021 6:42 PM
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