Nanyang Siang Pau - Tropicana Corporation want to develop real estate at PJ

Kuala Lumpur, 3 October 2018 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) inked a joint venture (JV) agreement with Matrimont Development Sdn. Bhd. to jointly develop two plots of freehold land in Petaling Jaya.

As reported to Bursa Malaysia, its wholly owned unit Tropicana Harapan Sdn Bhd (THSB), which holds the title to the plots, together with Matrimont Development Sdn. Bhd. and THSB's unit Vivascape Sdn Bhd will jointly develop two plots of land into residential development.

Tropicana Harapan, which holds the title of the plots, will handover it to Vivascape after the signing of sales and purchase agreement.

Matrimont will take up a 49% stake in Vivascape and THSB will hold the remainder 51%, following a share issuance at the aggregate share subscription price of RM249,999.

Upon completion of purchase, among the five board of directors in Vivascape, three will be from Tropicana Harapan whereas another two are from Matrimont