Tropicana Corporation Berhad Annual Report 2019

18. INVESTMENTS IN SUBSIDIARIES (CONT’D.) (a) Group restructuring (cont’d.) During the financial year, the Group and the Company executed and completed an internal Group restructuring scheme involving the following: (cont’d.) (xiii) On 2 July 2019, Tropicana Central Garden Mall Sdn Bhd (“ TCGMSB ”) and Tropicana Central Department Store Sdn Bhd (“ TCDSSB ”) were incorporated as private companies limited by shares in Malaysia under the Companies Act 2016. The entire issued share capital of TCGMSB and TCDSSB of RM1 each respectively comprising 1 ordinary share each is held by the Company. (xiv) On 8 July 2019, the Company has partially redeemed the Redeemable Convertible Unsecured Loan Stocks issued by Tropicana Harapan Sdn Bhd (“ THSB ”) for RM13,940,668 by offsetting of amounts owing by the Company to THSB. (xv) On 13 September 2019, Tropicana Jalan Selangor Development Sdn Bhd had been struck off from the Register of the Companies Commission of Malaysia and dissolved following the publication of the notice of striking off pursuant to Section 551(3) of the Companies Act 2016 in the Gazette. (xvi) On 25 October 2019, the Company acquired the remaining 2 ordinary shares of Tropicana Danga Lagoon Sdn Bhd (“ TDLSB ”) for a total consideration of RM10,570,515. Following the completion of the acquisition, TDLSB has become a wholly-owned subsidiary of the Company. (xvii) On 7 October 2019, Tropicana Danga Bay Pte. Ltd., a company incorporated in Singapore had been struck off from the Register of Companies pursuant to Section 344A of the Companies Act, Chapter 50 of Singapore. (xviii) On 22 November 2019, Suci Padu Resources Sdn Bhd (“ SPRSB ”) was incorporated as a private company limited by shares in Malaysia under the Companies Act 2016. The entire issued share capital of SPRSB of RM1 comprising 1 ordinary share is held by the Company. (xix) On 28 November 2019, Sparkling Realty Sdn Bhd (“ SLRSB ”), Stardust Realty Sdn Bhd (“ STRSB ”), Skytree Realty Sdn Bhd (“ SKRSB ”), Starling Realty Sdn Bhd (“ SARSB ”), Raindust Realty Sdn Bhd (“ RARSB ”), Capricorn Realty Sdn Bhd (“ CARSB ”), Moonlight Realty Sdn Bhd (“ MORSB ”), Comets Realty Sdn Bhd (“ CORSB ”), Limestone Realty Sdn Bhd (“ LIRSB ”), Twinkle Realty Sdn Bhd (“ TWRSB ”), Lavender Realty Sdn Bhd (“ LARSB ”), Misty Realty Sdn Bhd (“ MIRSB ”) and Rainforest Realty Sdn Bhd (“ RFRSB ) were incorporated as a private companies limited by shares in Malaysia under the Companies Act 2016. The entire issued share capital SLRSB, STRSB, SKRSB, SARSB, RARSB, CARSB, MORSB, CORSB, LIRSB, TWRSB, LARSB, MIRSB and RFRSB of RM1 each respectively comprising 1 ordinary share each is held by the Company. (xx) On 28 November 2019, the Company has disposed its entire 501,000 ordinary shares representing 50.1% equity interest in Tropicana Sanctuary Holdings Sdn Bhd (“ TSanc Holdings ”) for a disposal consideration of RM49,037,143. Subsequently, on 29 November 2019, the Company acquired 1,540,000 ordinary shares of Tropicana Sanctuary Development Sdn Bhd (“ TSanc Development ”) for a total cash consideration of RM237,032,732. Following the completion of the acquisition, TSanc Development had become a 70% owned subsidiary of the Company. (xxi) On 29 November 2019, Pluto Realty Sdn Bhd (“ PLRSB ”) and Waves Realty Sdn Bhd (“ WARSB ”) were incorporated as private companies limited by shares in Malaysia under the Companies Act 2016. The entire issued share capital PLRSB and WARSB of RM1 each respectively comprising 1 ordinary share each is held by the Company. pg 191 Tropicana Corporation Berhad Annual Report 2019 Sustainability at Tropicana What We’ve Governed Financial Statements & Other Information