Tropicana scraps land sale plan

KUALA LUMPUR: Tropicana Corp Bhd will not proceed with the disposal of 102ha of freehold land in Johor Baru for RM569.87 million. In a filing to Bursa Malaysia yesterday, the group said the conditions precedent to the sales and purchase agreement have not been fulfilled. To recap, the agreement was signed on July 1 2016 by the vendor, which is Tropicana’s indirect wholly-owned unit Desa Mentari Sdn Bhd, and the purchaser, Tiarn Oversea Group Sdn Bhd.