Tropicana Corp sells Subang land to MCT for RM143m

PETALING JAYA: Tropicana Corp Bhd is disposing of 9.12 acres of land in Country Height, Subang Jaya to MCT Bhd for RM143 million.
Tropicana said in a filing with the stock exchange that its wholly owned subsidiary Tropicana Metropark Sdn Bhd had on April 13 entered into a sale and purchase agreement with MCT's wholly owned subsidiary Next Delta Sdn Bhd for the disposal.
The completion of the proposed disposal is conditional upon obtaining the state authority's consent and confirmation from the Economic Planning Unit of the Prime Minister's Department to facilitate the application for the state authority's consent.
Meanwhile, MCT noted that the proposed acquisition is in line with its strategy to acquire and expand its existing landbank in strategic locations with high development value.
Tropicana's share price was unchanged at 87 sen today, while MCT was untraded.