Kwong Wah Yit Poh - Top Glove's Lim buys 10.24% of Tropicana's share

Kuala Lumpur, 25 October 2017 – Property developer, Tropicana Corp. Bhd. (TROP, 5401, main market, property) announced the appointment of Tan Sri Lim Wee Chai as its Non-Independent Non-Executive Deputy Chairman.

Following the announcement, Tropicana shares rose by 5.5 sen or 5.91%, to close at 98.5 sen, 3,083,100 volume. It is the highest since January 2015 with volume 7.9 times in the average of 3 months.

Tan Sri Lim Wee Chai, who is also the Founder and Executive Chairman of Top Glove Corp. Bhd. (TOPGLOV, 7113, industrial products), will be appointed effective yesterday (Tuesday).

In a statement, Tropicana said that prior to joining Tropicana, Tan Sri Lim, 59, had snapped up an additional 8.5% stake in Tropicana, making him a substantial shareholder with approximately 10.24% shareholding in the group.

Besides, Tropicana has appointed 27 years old Dion Tan Yong Chien as Group Managing Director, effective on Monday.

In filings with Bursa Malaysia, the property developer said Dion Tan is the son of Tan Sri Danny Tan Chee Sing, the founder and major shareholder of Tropicana.

His eldest brother, Datuk Dickson Tan Yong Loong, is the company’s Deputy Group Chief Executive Officer (CEO) while another brother, Dillon Tan Yong Chin, is an Executive Director.

Meanwhile, Tropicana also appointed Datuk Lim Thean Shiang as the group’s Independent and Non-Executive Director. Datuk Lim was with Port Klang Authority as General Manager and advisor to investment committee of Felda Global Ventures Holdings Bhd (FGV, 5222, main market, plantation).

Tan Sri Danny Tan Chee Sing said: “Our latest board members consist of iconic corporate figures that have made significant impact within their respective industries, locally and internationally. By lending their successful and diversified experience, it is sure to give us a broader perspective, adding vibrancy and creativity to our overall business strategy.” As at 24 October 2017, Tropicana has a total land bank of over 1,000 acres nationwide.