KUALA LUMPUR, Jan 12 — Tropicana Corp Bhd’s wholly-owned unit, Advent Nexus Sdn Bhd, has disposed of 1,106-sq metre land to Pinnacle Supreme Sdn Bhd for RM55 million.
In a filing to Bursa Malaysia Tuesday, Tropicana said, it expected a gain of RM2.5 million (net of tax payable) from the disposal.
“The net proceeds of RM24.4 million arising from the disposal are expected to be used for working capital and/or repayment of bank borrowings of Tropicana and its group of companies,” it said.
It said barring any unforeseen circumstances, the disposal was expected to be completed in the second quarter of this year.
— BERNAMA
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