KUALA LUMPUR (Feb 22): Tropicana Corp Bhd founder and major shareholder Tan Sri Tan Chee Sing has disposed of 5.95 million shares, representing 0.41% of the company, for RM5.17 million.   

In a filing with Bursa Malaysia, Tropicana Corp said the shares were sold at 87 sen per share. 

Tan now owns a 24.76% direct stake, and 38.56% indirect stake in the company.  

After a three-and-a-half year hiatus, he recently returned as executive vice chairman of Tropicana, and last month said he would inject a significant amount worth of real estate into the company. 

It was reported by The Edge Weekly that Tan and his family will dispose of 12 privately-owned companies that collectively own 787.72 acres of land across the Klang Valley and Johor to Tropicana for RM1.85 billion. The assets are being injected at a 17.9% discount to the indicative market value.

As a result, the property developer will own a total of 1,116.88 acres of land bank in the Klang Valley and Johor, with a potential gross development value (GDV) of RM24.82 billion.

Tropicana closed down 1 sen or 1.14% today to 87 sen, for a market capitalisation of RM1.250 billion.