KUALA LUMPUR (April 13): Tropicana Corp Bhd is disposing of a 9.12-acre plot in Petaling distrct in Selangor to another property development company MCT Bhd, for RM143 million.
Philippine property developer Ayala Land Inc is the single largest shareholder in MCT, owning 72.31% stake in the group as at Feb 20 this year.
In a filing with Bursa Malaysia today, Tropicana said its wholly-owned subsidiary Tropicana Metropark Sdn Bhd is selling the land, located in Pekan Country Height, to MCT’s wholly-owned unit Next Delta Sdn Bhd.
As Next Delta’s ultimate shareholding is deemed foreign-owned, the company will have to seek consent from the state authority for the transfer of the land’s ownership.
Tropicana’s share price traded unchanged at 87 sen today, giving it a market capitalisation of RM1.29 billion.
MCT was not traded today. It last changed hands at 88 sen, valuing the group at RM1.28 billion.