Tropicana Corp sells W KL hotel for RM270mil

PETALING JAYA: Tropicana Corp Bhd’s wholly-owned subsidiary, Tropicana Residences Sdn Bhd (TRSB), yesterday signed a sale and purchase agreement (SPA) with IOI PFCC Hotel Sdn Bhd (IOI PFCC) and Flora Development Sdn Bhd for the disposal of the W Kuala Lumpur hotel and its assets (W KL) for RM270mil.

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) RM7.41mil”.