Nanyang Siang Pau - 18 May 2019 - 2.78 sen dividend; Tropicana Corporation Berhad earn RM46.06 million in 1Q

18 May 2019

Kuala Lumpur, 17 May 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) recorded marginally lower net profit of 0.7% at RM 46.06mil for the first quarter ended March 31, 2019, with earnings per share stood at 3.21 sen and declared its first interim dividend of 2.78 sen per share.

Tropicana Corp. Bhd. said in a filing with Bursa Malaysia, the group’s revenue recorded at RM 209.96mil that fell by 75% as compared to RM 85.4mil of profit before tax (PBT) recorded in the corresponding quarter last year, attributable to lower sales recorded in FY18.

Nevertheless, the disposal of leasehold land in Bandar Damansara contributed RM 37.2mil to profit before tax and RM 42.2mil to revenue.

Meanwhile, revenue for the quarter declined 53.7% to RM 209.77mil.

As at March 31, 2019, the group delivered total unbilled sales of RM 736.9mil that anchored by 14 ongoing projects and existing landbank of 1,071 acres with total potential gross development value (GDV) of RM 48.6bil.

Despite the challenging outlook of the property industry, the group believes that there will still be demand for properties in prime locations with attractive pricing.

Moving forward, the group has planned many future projects amounting to a GDV of approximately RM 3bil, which includes Tropicana Aman, Tropicana Metropark, Tropicana Gardens and Danga Cove in Iskandar Malaysia. The group will also launch its maiden development in Genting in the fourth quarter of 2019.

Oriental Daily - 17 May 2019 - Tropicana Corporation Berhad launch RM300 million new project

17 May 2019

Kuala Lumpur, 16 May 2019 – Tropicana Corp. Bhd.’s (TROP, 5401, main market, property) net profit was marginally lower by 0.73% to RM 46.06mil (as at first quarter ended March 31, 2019), whereas revenue for the quarter declined 53.69% to RM 209.77mil.

Meanwhile, the group declared its first interim dividend of 2.78 sen per share. Currently, Tropicana delivered total unbilled sales of RM 736.9mil and plan to develop future projects amounting to GDV of approximately RM 3bil.

Sin Chew Daily - 17 May 2019 - Land sales improved; Tropicana earned RM46.06m in Q1

17 May 2019

Kuala Lumpur, 17 May 2019 – Despite the business turnover dropped another half, Tropicana Corp. Bhd. (TROP, 5401, main market, property) recorded marginally lower net profit of 0.7% at RM 46.06mil for the first quarter ended March 31, 2019 that contributed by the land disposal.

Tropicana Corp. Bhd. said in a filing with Bursa Malaysia, revenue for the quarter declined 53.69% to RM 209.77mil. Nevertheless, the disposal of leasehold land in Bandar Damansara contributed RM 37.2mil to profit before tax and RM 42.2mil to revenue.

Despite the challenging outlook of the property industry, the group believes that there will still be demand for properties in prime locations such as Klang Valley, Genting and Johor with attractive pricing.

The group has planned many future projects amounting to a gross development value (GDV) of approximately RM 3bil.

The Star - 17 May 2019 - Tropicana Q1 earnings

17 May 2019

Tropicana Corp net profit was marginally lower at RM46.1mil for the first quarter ended March 31, 2019, compared with RM46.4mil in the corresponding quarter last year despite registering significantly lower revenue.

During the quarter in review, the property group's revenue fell 53.7% to RM209.8mil from RM453mil in the previous corresponding quarter due to lower sales.

It declared a first interim dividend of 2.78 sen per share.

Tropicana attributed its stable earnings to the completion of two development phases at Tropicana Aman in 2018, which resulted in higher profit recognition in the said quarter..

The Edge Financial Daily - 17 May 2019 - Tropicana 1Q profit flat despite lower revenue

17 May 2019

Lower sales dragged Tropicana Corp Bhd's first-quarter (1Q) revenue down by 53.7% to RM209.77 million from RM453 million a year ago.

In a statement yesterday, the property developer said despite this, its net profit for the quarter ended March 31,2019 slipped just 0.73% to RM46.06 million from RM46.4 million previously.

"The completion of two development phases at Tropicana Aman in 2018 resulted in higher profit recognition in the said quarter," it said.

This decrease in revenue, it added, is mainly due to lower sales in the group's 2018 financial year which had a carry-through effect on the results for the current year.
As at March 31,2019, Tropicana had total unbilled sales of RM736.9 million and an existing land bank of 1,071 acres (433.42ha) with a total potential gross development value (GDV) of RM48.6 billion.

"Despite the challenging outlook of the property industry due to global and regional economic headwinds, the group believes that there will still be demand for properties in prime locations with attractive pricing.

"The group will still be market-driven and unlock value from its existing land bank at strategic locations in the Klang Valley, Genting and southern regions," the group said. Tropicana said its future projects' GDV is about RM3 billion. Tropicana shares declined one sen or 1.16% to 85.5 sen yesterday, with a market capitalisation of RM 1.26 billion..

The Sun - 17 May 2019 - Tropicana posts RM46m profit in Q1

17 May 2019

Tropicana Corp Bhd's net profit was at RM46.06 million for the first quarter ended March 31, 2019 compared with RM46.4 million in the same quarter a year ago.

Revenue for the quarter declined 53.7% to RM209.77 million from RM453.01 million, attributable to lower sales recorded in FY18 that had a carry-through effect on the results for FY19 as well as the completion of two development phases at Tropicana Aman in 2018.

Nevertheless, these were partly offset by the completion of the disposal of a piece of leasehold land in Bandar Damansara which contributed RM42.2 million to revenue and RM37.2 million to profit before tax.

The property developer has declared an interim dividend of 2.78 sen per share.

As at March 31, 2019, Tropicana delivered total unbilled sales of RM736.9 million, anchored by 14 ongoing projects and an existing landbank of 1,071 acres with a total potential gross development value (GDV) of RM48.6 billion.

Despite the challenging outlook of the property industry due to global and regional economic headwinds, the group believes that there will still be demand for properties in prime locations with attractive pricing.

"Moving forward, the group has in place a strong pipeline of future projects amounting to a GDV of approximately RM3.0 billion within its existing and new signature townships are expected to drive stronger performance.".

The Edge Financial Daily - 26 April 2019- Tropicana to develop four projects in Langkawi Johor with RM4.78b GDV

26 April 2019

Tropicana Corp Bhd has inked four joint development agreements (JDAs) to develop four pieces of land in Langkawi, Kedah and Pekan Nenas, Johor with an estimated total gross development value (GDV) of RM4.78 billion.
Under the JDAs with the four landowners, which Tropicana announced in a stock exchange filing on Wednesday, Tropicana will develop the lands at its own costs.
The landowners will each receive 12% of the respective developments' GDV. The JDA also underlined a minimum GDV entitlement for each landowner for each project.
The first JDA with Pantai Kok Resort Development Sdn Bhd is to develop 44.61 acres (18.05ha) at Padang Mat Sirat, Langkawi over 15 years, with an estimated GDV of RM3.02 billion. The second JDA with Sinaran Ramah Sdn Bhd is to develop 2.48 acres in Mukim Kedawang, Langkawi over seven years, with an estimated GDV of RM308.3 million.
The third JDA with Suci Padu Sdn Bhd is to develop 1,143.8 acres in Pekan Nenas Land 1 in Pontian, Johor, and the fourth with Ibarat Indah Sdn Bhd is to develop 45 acres in Pekan Nenas Land 2. Both projects ?for a logistics and transportation industrial hub梬ill have an estimated total GDV of RM 1.45 billion, and will be developed over seven years.
The commencement date for all four projects will be within two years from fulfilment of all conditions precedent in the JDAs.
Concurrently, Tropicana revealed that its memorandum of understanding to develop a piece of land in Pantai Cenang, Langkawi has lapsed.

Sin Chew Daily - 25 April 2019 - Tropicana corporation berhad jointly operate to develop basement and industry develop value total is RM4.78 bilion

25 April 2019

Kuala Lumpur, 24 April 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) has inked four joint development agreements (JDAs) to develop four pieces of land with total development value of projects from RM 15.7mil to RM 362.2mil.

According to the group’s statement, the four landowners include Pantai Kok (PK) Resort Development Sdn. Bhd., Sinaran Ramah (SR) Sdn. Bhd., Suci Padu (SP) Sdn. Bhd. and Ibarat Indah (II) Sdn. Bhd. The lands are mainly at Pulau Langkawi and Pekan Nenas in Johor.

The management revealed that the group does not own any lands in Pulau Langkawi and Pekan Nenas in Johor. Thus, the collaborations with the first the developers will provide an opportunity for Tropicana to expand its presence in respective area. The total gross development value (GDV) for the above-mentioned projects is RM 4.78bil, whereas the cost is estimated at RM 3.9bil.

See Hua Daily - 25 April 2019 - Four of Tropicana Corporation Berhad commercial projects have gross development value of RM4.7 billion

25 April 2019

Kuala Lumpur, 24 April 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) proposed to co-joint and develop four pieces of land with an estimated total gross development value (GDV) of RM 4.78bil.

Tropicana Corp. Bhd. and the four landowners that include Pantai Kok Resort Development Sdn. Bhd., Sinaran Ramah Sdn. Bhd., Suci Padu Sdn. Bhd. and Ibarat Indah Sdn. Bhd. entered into joint-development agreements (JDAs) for proposed collaboration.

The landowners will be entitled to 12% of the respective development’s actual GDV, which is estimated RM 813.5mil.

Nevertheless, the group required paying a sum equivalent to 1% of the minimum GDV entitlement that is RM 8.13mil for each landowner for each project.

The management revealed that collaborations with the first two developers will provide an opportunity for Tropicana to expand its presence in Langkawi.

Meanwhile, the collaboration with the latter developer enables Tropicana to develop more than 1,000 acres land in Pekan Nenas.

Tropicana will complete the projects via internal financing and bank loan as well.

Oriental Daily - 25 April 2019 - Tropicana Corporation Bhd joint cooperate 4 commerce project and development value RM 4.7 billion

25 April 2019

Kuala Lumpur, 24 April 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) proposed to co-joint and develop four pieces of land with an estimated total gross development value (GDV) of RM 4.78bil.

Tropicana Corp. Bhd. and the four landowners that include Pantai Kok Resort Development Sdn. Bhd., Sinaran Ramah Sdn. Bhd., Suci Padu Sdn. Bhd. and Ibarat Indah Sdn. Bhd. entered into joint-development agreements (JDAs) for proposed collaboration.

The landowners will be entitled to 12% of the respective development’s actual GDV, which is estimated RM 813.5mil.

Nevertheless, the group required paying a sum equivalent to 1% of the minimum GDV entitlement that is RM 8.13mil for each landowner for each project.

The management revealed that collaborations with the first two developers would provide an opportunity for Tropicana to expand its presence in Langkawi.

Meanwhile, the collaboration with the latter developer enables Tropicana to develop more than 1,000 acres Pekan Nenas land in Pontian, Johor.

Tropicana will complete the projects via internal financing and bank loan as well.

The Star - 25 April 2019 - Tropicana ink deals to develop four plots of land

25 April 2019

Tropicana Corp Bhd has entered into four joint-development agreements (JDAs) with Pantai Kok Resort Development Sdn Bhd, Sinaran Ramah Sdn Bhd, Suci Padu Sdn Bhd and Ibarat Indah Sdn Bhd for proposed collaborations.

The collaborations are to develop Pantai Kok land and Pulau Rebak Kechik land in Langkawi, Kedah, and Pekan Nenas Land 1 and 2 in Pontian, Johor

The landowners of the four development plots of land have agreed to appoint and grant Tropicana or its nominated subsidiary the exclusive right to undertake and carry out the development of the collaboration plots of land with common facilities, infrastructure and amenities.

Tropicana will undertake and carry out the developments on the land at its own cost and expenses. The landowners will be entitled to 12% of the actual gross development value (GDV) of the developments, subject to them receiving a minimum entitlement as set out in the respective JDAs.

A sum equivalent to 1% of the minimum GDV entitlement will be paid by the developer to the landowners upon execution of the JDAs as an upfront initial sum.

The initial sum for Pantai Kok, Sinaran Ramah, Suci Padu and Ibarat Indah are RM3.62mil, RM370,000, RM3.99mil and RM0.16mil, respectively.

The proposed Sinaran Ramah and Pantai Kok collaborations will provide an opportunity for Tropicana to expand its presence in Langkawi.

The Star - 16 March 2019 - W Kuala Lumpur make its foray

16 March 2019

Owned by Tropicana Corporation Bhd, W Kuala Lumpur is designed to embody the city's towering skyline while exuding the youthful vibe of its urbanites.

Though unorthodox and unconventional, W Kuala Lumpur remains committed to the metropolitan's heritage of cultural diversity as reflected in its structural designs.

The fruition of W Kuala Lumpur boasts a team of renowned designers comprising Skidmore, Owings & Merrill (the architecture brains of London's Canary Wharf, Dubai's Burj Khalfa and New York's The One World Trade Centre), multiple award-winning Malaysian construction supervisor Veritas Design Group, and the China Metallurgical Group Corporation as the contractor.

Operating from August 2018 with a mission to shake up the city's hotel scene, W Kuala Lumpur embraces ts Whatever, Whenever' slogan by pampering its clients with flamboyance and exuberance through an array of concierge services.

This includes the W Insider service for those who wish to explore the city's trending hotspots and popular clubs for a lavish night out or to plan organised day trips into the bustling centre.

The hotel occupies a site within the vicinity of the Petronas Twin Towers and features 18 suites across 150 units in the building. The pride of the building would be its Wow Suites and Extreme Wow Suite (520m* of space).

Indulgence for hotel guests

The eateries within W Kuala Lumpur are not limited to a 70-seater French fine dining Saint Pierre (whose Singaporean operation was awarded a Michelin star), Yen for a range of exquisite Cantonese cuisines, and Flock for Modern Australian fare.

Residents who have a preference for drinks can find themselves entertained by trained mixologists serving a range of cocktails at the B + F corner. Other impressive features are the Away Spa, Wet Deck Bar and Wicked VIP Club.

All of these will be available while the operator maintains a 24-hour security system with manual patrolling of checkpoints for maximum safety.

Stepping out, hotel guests will find shopping centres within walking distance including the Pavilion, Berjaya Times Square, Bukit Bmtang Plaza and Avenue K. The nearby Malaysian Tourist Centre is at their disposal if they need assistance with their travel plans across Malaysia.

Public transportation points are numerous in the locality and the city's main hub, Kuala Lumpur Sentral, is only an LRT ride away.

New Straits Times - 7 March 2018 - Tropicana to launch Genting project this year

7 March 2018

TROPICANA Corp Bhd will introduce its maiden residential project in Genting Highlands, Pahang, this year, it will also launch other developments and phases within the existing Tropicana township, with a combined gross development value GDV of more than RM3.2 billion, Tropicana last year acquired 5.3ha of land in Gohtong Jaya. which is the main township in Genting highlands, for RM78.3 million.

It said then that it planned to build a resort-type development comprising mainly serviced apartments on the site, which is about 3,000 ft above sea level Tropicana did not indicate other developments it might build there but the market was expecting a retirement village, food and beverage offerings and hotels, Gohtong Jaya, which is located on a plateau 5km away from the Genting resort on the peak, is the base area for the Genting Skyway cable car system.

It is also home to several shops, apartments and houses.

Since the 10-year Genting Integrated Tourism Plan was introduced in 2013, Genting Highlands and Gohtong Jaya have seen a number of new developments, such as Ion D'elemen by NCT Group of Co, Midhills by LBS Bina Group, Residences by Fututech Bhd. Windmill Upon Hills by PJ Development Holdings Bhd, and geo 38 Residence by Pesat Bumi Sdn Bhd.

II was reported that the ongoing developments are estimated to bring more than 3.000 residential units into the market.

Meanwhile, within Klang Vafley, Tropicana plans to launch a mixed development comprising retail lots and serviced apartments at Tropicana Metropark in Subang Jaya. it said in a recent statement when announcing the company's unaudited financial results forthe fourth quarter of last year.

Tropicana will also launch the second phase of shop offices. Triana, and two landed residential phases at Tropicana Aman. Kota Kemuning; the fourth landed residential phase, Lakefield Residences at Tropicana Heights, Kajang; a new phase of serviced apartments and SoHos at Tropicana Gardens, Kota Damansara; and condominiums at Jalan Harapan, Petaling Jaya.

In Johor, the company will launch landed houses. Ayera Residences, at Tropicana Danga Cove and the first landed residential phase at Tropicana Sanctuary.
"'All these new developments are expected to contribute positively to the group's earnings in the coming years," it said.

For the fourth quarter, Tropicana s revenue grew 92 per cent to RM593.9 million, thanks to the disposal completion of freehold development land in Pekan Country Height for RMU3 million.

Pre-tax profit increased 11 percent to RM131,2 million, helped by the gains from the sale of the development land totalling RM30.1 million, cost-saving initiatives and advanced progress made on many of the group's projects, Tropicana currently has a landbank of 440.6ha with a total potential GDV of billion.

Looking ahead, Tropicana said it will remain market-driven, adapting to market demands while unlocking value of its landbank in the Klang Valley, Genting and Johor..

Sin Chew Daily - 27 February 2019 - Tax expenditures increased; Tropicana earned RM51.48m in Q4

KUALA LUMPUR (Feb 26): Tropicana Corp Bhd's (TROP, 5401, main market, property) net profit fell 32.65% to RM 51.48mil in the fourth quarter ended Dec 31, 2018 (4QFY18) from RM 76.44mil a year ago.

This year group's net profit is RM 170.03mil, down by 6% compared with RM180.89mil in last year.

Quarterly revenue was 9.17% higher at RM 593.93mil, whereas yearly revenue was down 9.88% to RM1.64 bil.

In a statement today, Tropicana said the increased in Q4 revenue was due to the completion of the disposal of development lands in Pekan Country Height, Selangor for RM 143mil.

In a statement today, Tropicana said the group drew in sales of RM 154.9mil in 4QFY18 and is confident that it will continue to demonstrate further resilience moving forward, backed by RM 827.2mil in unbilled sales.

The group’s landbank stands at 1,088.8 acres, with a total potential GDV of RM 46.1bil. Looking ahead, the group will remain focused on being market driven and adapting to market demands while unlocking value of its landbank in strategic locations in the Klang Valley, Genting and southern regions of peninsular Malaysia.

Oriental Daily - 27 February 2019 - Tropicana Corporation Q4 net profit

27 February 2019

Kuala Lumpur, 26 February 2019 – Due to extra collection from Inland Revenue Board (IRB), Tropicana Crop. Bhd.’s (TROP, 5401, main market, property) net profit fell 32.7% to RM 51.48mil in the fourth quarter ended Dec 31, 2018 (4QFY18), whereas Quarterly revenue was 9.2% higher at RM 593.93mil.

The group's net profit down by 6% to close FY18 on a lower note at RM 170.03mil, while revenue was also down 9.9% to RM 1.64bil.

Sin Chew Daily - 27 February 2019 - Tropicana earned RM51.48m in Q4

27 February 2019

Higher income tax expense, Tropicana earned RM 51.48mil in Q4

KUALA LUMPUR (Feb 26): Tropicana Corp Bhd's (TROP, 5401, main market, property) net profit fell 32.65% to RM 51.48mil in the fourth quarter ended Dec 31, 2018 (4QFY18) from RM 76.44mil a year ago.

This year group's net profit is RM 170.03mil, down by 6% compared with RM180.89mil in last year.

Quarterly revenue was 9.17% higher at RM 593.93mil, whereas yearly revenue was down 9.88% to RM1.64 bil.

In a statement today, Tropicana said the increased in Q4 revenue was due to the completion of the disposal of development lands in Pekan Country Height, Selangor for RM 143mil.

In a statement today, Tropicana said the group drew in sales of RM 154.9mil in 4QFY18 and is confident that it will continue to demonstrate further resilience moving forward, backed by RM 827.2mil in unbilled sales.

The group’s land bank stands at 1,088.8 acres, with a total potential GDV of RM 46.1bil. Looking ahead, the group will remain focused on being market driven and adapting to market demands while unlocking value of its land bank in strategic locations in the Klang Valley, Genting and southern regions of peninsular Malaysia.

The Edge Financial Daily - 27 February 2019 - Tropicana 4Q net profit

27 February 2018

Tropicana Corp Bhd's net profit fell 32.7% to RM 51.48 million in the fourth quarter ended Dec 31, 2018 (4QFY18) from RM76.44 million a year ago, on higher income tax expense.
Tax expense for 4QFY18 stood at RM75.48 million versus RM37.07 million a year ago.

Quarterly revenue, however, grew 9.2% to RM593.93 million from RM544 million a year ago, following the completion of its sale of development lands in Pekan Country Height, Selangor for RM143 million.

In a statement yesterday, Tropicana said it drew sales of RM154.9 million in 4QFY18 and is confident of demonstrating further resilience moving forward, backed by RM827.2 million in unbilled sales.

Still, the weak 4QFY18 caused the group's net profit to close FY18 lower at RM170.03 million, down 6% from FY17's RM180.89 million.

Annual revenue fell 9.9% to RM1.64 billion from RM1.81 billion, mainly due to lower sales and progress billings across projects in the Klang Valley, as well as those in the southern and northern regions.

In 2019, Tropicana plans to introduce new developments and phases within the existing signature Tropicana townships amounting to a gross development value (GDV) of more than RM3.2 billion.
"The group will remain focused on being market-driven and adapting to market demands.

While unlocking value of its land bank in strategic locations in the Klang Valley, Genting (Pahang) and the southern region of Peninsular Malaysia," it added.

Tropicana will still focus on introducing new phases across its signature developments at Tropicana Heights, Tropicana Aman, Tropicana Metropark and Tropicana Danga Cove. The group will also launch the first phase of serviced apartments in Genting, spanning 112 acres (45.33ha), towards 4Q of 2019.

"All of these new developments are expected to contribute positively to the group's earnings in future," said Tropicana. The group's land bank stands at 1,088.8 acres, with a total potential GDV of RM46.1 billion.

Utusan Borney (Sarawak) - 27 January 2019 - Tropicana proposes to buy 12 real estate firms for RM 1.85bil

27 January 2019

Kuala Lumpur - Tropicana Corporation Bhd (TCB) has entered into 12 conditional share purchase agreements with Tan Sri Tan Chee Sing (TSDDT) and / or persons connected to him for the proposed acquisition of 12 real estate holding companies for RM 1.85bil.

In recent statement, TCB said the proposed acquisition would be satisfied via the issuance of new redeemable convertible preference shares (RCPS).

“Out of the total purchase consideration, RM 343.7mil will be satisfied via the issuance of 286.5mil new RCPS in TCB at an issue price of RM 1.20.

““Another RM 1.51bil for debt settlement will be satisfied via RM 247.1mil cash, issuance of 823.7mil RCPS at an issue price of RM 1.20 and assumption of TSDT’s bank borrowings amounting to RM 271.8mil,” it said.

The proposed acquisition is expected to facilitate the continuing growth of the group’s core business as a property developer by increasing its existing land bank.

TCB said the land bank from the companies, located in the Klang Valley and Johor; totalled 452 hectares (ha) has potential gross development value (GDV) of RM 24.82bil.

Besides, the group also signed a memorandum of understanding to negotiate the terms of the proposed collaborations with Cenang Resort Sdn. Bhd., Sinaran Ramah Sdn. Bhd., Pantai Kok Resort Development Sdn. Bhd., Suci Padu Sdn. Bhd. and Ibarat Indah Sdn. Bhd.

TCB also announced the redesignation of Tan Sri Dr. Lim Wee Chai from Non-Executive Deputy Chairman to Non-Executive Chairman of the group, while TSDDT, the company’s founder returns as Executive Vice Chairman. - Bernama

New Straits Times - 25 January 2019 - Tropicana Buys 6 Firms For RM1.85b

25 January 2019

TROPICANA Corp Bhd signed a dozen deals to buy property companies for a combined RM1.85 billion, on the day its founder Tan Sri Danny Tan Chee Sing returned to helm the property developer after a 3 1/2 year hiatus.

Tropicana said it had signed 12 sales and purchase agreements to buy 100 per cent stakes in GP Group, DL Group, TK Group and Acehub Fortune Sdn Bhd, as well as 70 per cent of Suasana Metro Sdn Bhd and 49.9 per cent of Peluang Duta Sdn Bhd.

The acquired companies ovi'n 451.99ha in the Klang Valley and Johor, with potential gross development value (GDV) of RM24.82 billion.

The RM1.85 billion pricing represented a 17.9 per cent discount of the land's indicative market value, said Tropicana yesterday,

Of the price, RM343.7 million will be paid via an issuance of 286.5 million new redeemable convertible preference shares (RCPS) in Tropicana at RM1.20 each, while RM1.51 billion will be satisfied via cash amounting to RM247.1 million, issuance of 823.7 million of Tropicana RCPS at RM1.20 each and assumption of Tan's bank borrowings of RM271.8 million.

Additionally, Tropicana announced that it had signed memoranda of understanding to negotiate the terms of the proposed collaborations with several parties to jointly develop their land.

It will work with Cenang Resort Sdn Bhd tojointiy develop the land at Pantai Cenang in Langkawi, Sinaran Ramah Sdn Bhd for the land in Pulau Rebak Kechik, Pantai Kok Resort Development Sdn Bhd for the land at Pantai Kok and Suci Padu Sdn Bhd and Ibarat Indah Sdn Bhd for the land Pokan Nenas in Johor.

Collectively, the land spans 537.73ha with total GDV of RM6.7 billionOn the same day, Tropicana announced the return of Tan as executive vice-chairman. Tan, who has a 63.56 per cent stake in Tropicana, had in June 2015 announced his retirement from the day-to-day management of the company he founded in 1979.

Tropicana also announced the redesignation of Top Glove Corp Bhd founder and executive chairman Tan Sri Dr Lim Wee Chai from non-executive deputy chairman to non-executive chairman.

"Lim and Ian have been outstanding leaders and proven successful entrepreneurs. We are delighted to be able to tap into these great minds directing us into the next growth stage. Their extensive experience will be instrumental in driving the continued development of the group " said Tropicana.

Tan said through the corporate exercises, Tropicana had added strategic landbank, making it a total of 908.09ha with the combined GDV of RM71.42 billion, "Through the proposed collaborations, Tropicana has access to a further 537.73ha with a GDV of RM6.76 billion. Thus, this month will be the right time for me to return and pursue a full-time role " he added.

Oriental Daily - 25 January 2019 - Tropicana corporation purchases 12 real estate companies

25 January 2019

Tropicana to buy 12 real estate firms for RM 1.85bil

Kuala Lumpur, 24 January 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) announced few of its group’s activities.

Firstly, the group proposed to acquire 12 real estate holding companies at RM 343.7mil. It said the land banks from these companies are located in Klang Valley and Johor, with total 1,121 acres.

Meanwhile, the group reached to an agreement with one of the seller, Tan Sri Dato Danny Tan, to return Tan’s debts of RM 1.51bil that was delayed by these 12 real estate holding companies.

In a statement today, Tropicana Corp. Bhd. said the proposed acquisition would be satisfied via the issuance of new redeemable convertible preference shares (RCPS).

In another words, the group will have to pay RM 1.85bil to support the above-mentioned activity.

The group mentioned the issuance of 286.5mil new RCPS in the group at an issue price of RM 1.20.

The group expected RCPS able to collect RM 1.33bil or 80% of the total acquisition price, whereas balance 20% will be via Tan Sri Dato’ Danny Tan bank borrowings.

Lastly, Tropicana Corp. Bhd. announced the group has signed Memorandum of Understanding (MoU) with five companies to jointly develop few plots of land total 1,328 acres own in Pulau Langkawi and Pekan Nenas, Johor.

The group said the acquisition is expected to facilitate the continuing growth existing land bank in Johor and Klang Valley.

Tan Sri Dato’ Danny Tan as Executive Vice Chairman

Meanwhile, Tropicana Crop. Bhd. announced two of the changes in the group’s human resource, effective immediately.

The group reported to Bursa Malaysia on the re-designation of Tan Sri Dr. Lim Wee Chai from Non-Executive Deputy Chairman to Non-Executive Chairman of the Group and the founder, Tan Sri Dato’ Tan Chee Sing returns as Executive Vice Chairman.

As of the 10^th of this month, Tan Sri Dato’ Danny Tan’s direct and indirect shares in Tropicana Corp. Bhd. are 25.1% and 38.45% respectively.

See Hua Daily - 25 January 2019 - Tropicana Corporation acquire 12 real estate company with RM1.8 billion

Kuala Lumpur, 24 January 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) announced few of its company’s activities.