Sin Chew Daily - Tropicana Corporation strategically purchased stock and land to develop Gohtong Jaya projects

Kuala Lumpur, 10 January 2020 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) and two other land and shop-lots owners at Gohtong Jaya entered into strategic share capital purchased and collaboration to develop the said area in the coming future.

Tropicana Corp. Bhd. entered into agreements with Cenang Laris (CLSB) and Valley Talent Solutions (VTS) to subscribe 297 shares for RM 297 and 9,900 shares for RM 9,900 respectively. Both share subscriptions represent 99% of the respective companies enlarged issued share capital.

In a bursa filing yesterday, CLSB had entered into two sale and purchase agreements (SPAs) with Genting Development Sdn. Bhd. to purchase 29 parcels of land measuring 176 acres at Gohtong Jaya for RM 332.6mil in 18 October 2019. On the same day, VTS also signed agreement to purchase six parcels of land and one unit of three-storey shop-lot at RM 1.6mil.

It is expected that the above-mentioned stock purchase and future development will be financed through internal funds and bank loan. Tropicana Corp. Bhd. foresees 2020 will be the tourism year that attracts many Chinese tourists to visit Genting, hence it acquired 112 acres of land at Genting Highland.