Tropicana sells W KL hotel to IOI PFCC, Flora Development for RM270mil

KUALA LUMPUR: Tropicana Corporation Bhd's wholly-owned subsidiary, Tropicana Residences Sdn Bhd (TRSB), today signed a sale and purchase agreement (SPA) with IOI PFCC Hotel Sdn Bhd (IOI PFCC) and Flora Development Sdn Bhd (Flora Development) for the disposal of the W Kuala Lumpur hotel and its assets (W KL) for RM270 million.

It told Bursa Malaysia in a stock exchange filing that the disposal consideration was arrived at a willing buyer-willing seller basis, after taking into consideration the expected "net proforma gain on disposal of (about) RM7.41 million.”