Oriental Daily, 3 July 2014 - Tropicana Corporation Berhad divested RM2 billion of assets
Oriental Daily, 03 July 2014
Tropicana RM2bil divested RM2bil of assets
Kuala Lumpur, 2 July 2014 – Through the recent shareholder’s meeting, Tropicana Corp. Bhd.’s Group Chief Executive Officer Dato Yau Kok Seng revealed the group would continue to exercise disposal of prime assets worth RM2bil as they seeks to raise cash and reduce its debts.
As stated in a press conference after the shareholder’s meeting, he said the group’s assets disposal plan in reducing debts managed to raked in RM1bil of fund and together with the assets worth RM2bil that has identified for sale, the group intend to reduce its gearing ratio of 0.6 times to 0.3 times by 2016.
With the current RM1.3bil of property sales and RM2.4bil of unbilled sales, Tropicana Corp. Bhd. is targeting to achieve new sales of RM2bil of from its planned property launches worth RM3bil in this year. Up to date, the group holds about 2,000 acres of land that worth almost RM70bil of potential gross development value, with 61% located at central region, 34% and 5% located at south and north region respectively.
Guests who attended the press conference include Tropicana Corp. Bhd Chairman Tan Sri Rastam Mohd Isa, Group Managing Director Kong Woon Jun as well as Kok Kong Chin and etc. For more information, please call 03-7710 1018 or log on to www.tropicanacorp.com.my.