KUALA LUMPUR: Tropicana Corp Bhd
’s wholly-owned unit, Tropicana Plaza Sdn Bhd, is selling its Dijaya Plaza tower in Jalan Tun Razak here to Kenanga Investment Bank Bhd for RM140mil.
In a statement, Tropicana said the cash inflow was expected to improve the groups financial position by freeing up net proceeds of about RM51.6mil.
“Based on the unaudited results as at Sept 30, 2015, the total borrowings will be reduced from RM1.75bil to RM1.66bil resulting in further improvements in the net gearing position of the group,” it said.— Bernama
The asset sale comprises a piece of freehold land measuring approximately 3,674 sq metres together with an en-bloc 19-storey office tower with two levels of basement car park containing 322 parking bays.
Kenanga is a financial group in Malaysia with extensive experience in equity broking, investment banking, futures broking, treasury, corporate advisory, Islamic banking, wealth management and investment management.
It is the largest independent investment bank by equity trading volume and value, as well as one of the top three brokerage houses with the largest network of remisiers in the country. — Bernama
