PETALING JAYA: Tropicana Corp Bhd
is disposing of a parcel of freehold land measuring approximately 68.457 acres in Johor Baru, Johor, to Japanese multinational information technology service and consulting company, NTT Data Group, for RM383.13mil.
In a filing with Bursa Malaysia, Tropicana said the proposed disposal presents an opportunity for Tropicana Group to unlock the value of the land.
“The net proceeds from the proposed disposal will be channelled towards working capital and to fund property development of Tropicana Group.
“These proceeds are expected to enhance Tropicana Group’s working capital position and offer greater financial flexibility.”
Tropicana said the disposal is anticipated to have a beneficial effect to the Tropicana Group, both financially and commercially.
“The disposal is expected to expand Tropicana's industry network, broadening our market reach and potentially facilitating future land sales to other data centre operators within our landbank.
“The proposed disposal is expected to create value and act as catalyst for increased demand in the surrounding lands owned by Tropicana Group.”
