KUALA LUMPUR (Oct 10): Tropicana Corp Bhd has revised its disposal price of the Sky Express Hotel in Bukit Bintang, Kuala Lumpur, to RM58 million from RM55 million.

In its filing to Bursa Malaysia today, Tropicana said it has entered into a fourth supplemental agreement on Oct 7 to revise the sales consideration, and to grant a further extension of 60 days from Oct 7 to Dec 5, 2016 for the purchaser, Pinnacle Supreme Sdn Bhd, to settle the revised remaining balance of the sales consideration, as well as late payment interest.

This is subject to the purchaser paying the sum of RM3 million revised remaining balance on or before Oct 14.

“The parties have agreed that the RM3 million sum shall form part of the revised remaining balance sales consideration and as such, the purchaser shall pay the remaining balance of the revised balance, and late payment interest to the vendor [Tropicana] on or before Dec 5,” read the company’s announcement today.

To recap, on Jan 12 this year, Tropicana’s wholly-owned subsidiary Advent Nexus Sdn Bhd had signed a sales and purchase agreement for the sale of a piece of land measuring 1,106 sq m, along with the 10-storey Sky Express Hotel built on it.

The original cost of investment of the property was RM54 million.

The agreement become unconditional on May 9 after conditions precedent were satisfied. However the parties entered into a supplemental agreement on Aug 8 to provide an extension for Pinnacle till Sept 27 to settle the balance sales consideration and late payment interest.

On Sept 27, both parties entered into a second supplemental agreement to grant Pinnacle an extension till Oct 4. A third supplemental agreement was then entered into on Oct 4 to grant Pinnacle an extension till Nov 18.

Tropicana shares were unchanged at RM1.04 today for a market capitalisation of RM1.48 billion.