Lasallian Asia to have no equity stake in Tropicana’s JV international school

KUALA LUMPUR: Lasallian Asia Partnership for International Schools Pte Ltd (Lapis) has decided not to take up an equity stake in a joint venture to build an international school in Selangor, Tropicana Corp Bhd said on Wednesday.

In February last year Tropicana’s subsidiary Tropicana SJII Education Management Sdn Bhd entered into a shareholders agreement with Singapore-based school manager Lapis, while Tropicana Education Management Sdn Bhd (TEM) signed a shareholders agreement with Lapis and Warisan Istimewa Sdn Bhd to set up St Joseph’s Institution International (Malaysia) in Sungai Buloh.

In January this year Lapis requested not to participate in TEM as a shareholder. However, it would still pay the rent, operate and manage the school, Tropicana said in a press statement on Wednesday.

Tropicana earlier in the day announced to Bursa Malaysia that it, TEM, Lapis and Warisan Istimewa had mutually agreed to terminate the TEM shareholders agreement. Hence the shareholders of TEM will remain as Tropicana and Warisan Istimewa with shareholdings of 85% and 15% respectively. (Originally, Lapis was to hold 10%, while Tropicana and Warisan Istimewa were to own 80% and 10% respectively in TEM.)

Tropicana said the other shareholders agreement remained in full effect and was pending fulfillment of the conditions precedent.