{"id":6305,"date":"2024-07-24T13:00:00","date_gmt":"2024-07-24T05:00:00","guid":{"rendered":"https:\/\/flexstar-assets.com\/v4\/2024\/07\/24\/tropicana-steps-up-divestments-with-mall-sale\/"},"modified":"2024-07-24T13:00:00","modified_gmt":"2024-07-24T05:00:00","slug":"tropicana-steps-up-divestments-with-mall-sale","status":"publish","type":"post","link":"https:\/\/assets.flexstargroup.my\/v4\/2024\/07\/24\/tropicana-steps-up-divestments-with-mall-sale\/","title":{"rendered":"Tropicana Steps Up Divestments With Mall Sale"},"content":{"rendered":"<p>Tropicana Indah Sdn Bhd (\u201cTISB\u201d), an indirect 70%-owned\u00a0 subsidiary of Tropicana Corporation Berhad (\u201cTropicana\u201d or \u201cGroup\u201d), has signed a sale &amp; purchase agreement (\u201cSPA\u201d) with IOI Mall Damansara Sdn Bhd (\u201cIOI MD\u201d), a wholly-owned\u00a0 subsidiary of IOI Properties Group Berhad (\u201cIOIPG\u201d), for the sale of Tropicana Gardens Mall\u00a0 (\u201cTGM\u201d) for a total consideration of RM680 million. This disposal will enable the monetisation\u00a0 of Tropicana\u2019s investment property. The proceeds from the sale will be used to substantially\u00a0 reduce the Group\u2019s debt, thereby improving the cash flow position and reducing interest\u00a0 expenses. This transaction aligns with the Group&#8217;s ongoing strategic initiatives to monetise its\u00a0 low-yielding landbanks and investment properties, providing the financial flexibility necessary\u00a0 to support future growth.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"<p>Tropicana Indah Sdn Bhd (\u201cTISB\u201d), an indirect 70%-owned\u00a0 subsidiary of Tropicana Corporation Berhad (\u201cTropicana\u201d or \u201cGroup\u201d), has signed a sale &amp; purchase agreement (\u201cSPA\u201d) with IOI Mall Damansara Sdn Bhd (\u201cIOI MD\u201d), a wholly-owned\u00a0 subsidiary of IOI Properties Group Berhad (\u201cIOIPG\u201d), for the sale of&#8230;<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[62],"tags":[],"class_list":["post-6305","post","type-post","status-publish","format-standard","hentry","category-property"],"acf":[],"_links":{"self":[{"href":"https:\/\/assets.flexstargroup.my\/v4\/wp-json\/wp\/v2\/posts\/6305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assets.flexstargroup.my\/v4\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assets.flexstargroup.my\/v4\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/assets.flexstargroup.my\/v4\/wp-json\/wp\/v2\/comments?post=6305"}],"version-history":[{"count":0,"href":"https:\/\/assets.flexstargroup.my\/v4\/wp-json\/wp\/v2\/posts\/6305\/revisions"}],"wp:attachment":[{"href":"https:\/\/assets.flexstargroup.my\/v4\/wp-json\/wp\/v2\/media?parent=6305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assets.flexstargroup.my\/v4\/wp-json\/wp\/v2\/categories?post=6305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assets.flexstargroup.my\/v4\/wp-json\/wp\/v2\/tags?post=6305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}