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Tropicana agrees to amend terms of 570M-ringgit deal

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Tropicana agrees to amend terms of 570M-ringgit deal

Tropicana Corp. Bhd. signed a supplemental agreement with the buyer of a roughly 251.58-acre land parcel in Johor Bahru, Malaysia, owned by its unit, Tropicana Desa Mentari Sdn. Bhd., changing some terms of the nearly 569.9 million-ringgit deal.

The terms that were amended included the amounts to be paid by Tiarn Oversea Group Sdn. Bhd. for the two phases of the development site. For the first phase, the considered amount was changed to 144.5 million ringgit for a fixed area of 3,613,302 square feet from 104.5 million ringgit for 2,613,600 square feet of space.

Meanwhile, Tiarn Oversea will now pay 293.8 million ringgit for the second phase of the site, which measures 7,345,762 square feet. Initially, 333.8 million ringgit was to have been paid for the phase, which had an original site area of 8,345,464 square feet.

The corresponding payment terms were also amended for each of the two phases, among other revisions.

The supplemental agreement is deemed to be as one with the original sale and purchase agreement dated July 1, 2016, with the unchanged terms of the deal continuing to be in effect, according to a release.

As of Feb. 2, US$1 was equivalent to 3.90 Malaysian ringgit.