PETALING JAYA: Tropicana Corp Bhd
is disposing of a parcel of freehold land measuring approximately 68.457 acres in Johor Baru to Japanese multinational information technology service and consulting company NTT Data Group for RM383.13mil.
In a filing with Bursa Malaysia, Tropicana said the proposed disposal presents an opportunity for Tropicana Group to unlock the value of the land.
“The net proceeds from the proposed disposal will be channelled towards working capital and to fund property development of Tropicana Group.
“These proceeds are expected to enhance Tropicana Group’s working capital position.
“They will also offer greater financial flexibility,” it said.
Tropicana said the disposal is anticipated to have a beneficial effect to the Tropicana Group, both financially and commercially.
