Tropicana Corporation Berhad Annual Report 2019

27. ASSETS CLASSIFIED AS HELD FOR SALE Group 2019 2018 RM’000 RM’000 At 1 January 59,100 – Transfer from investment properties (Note 17) 75,700 59,100 Disposals (59,100) – At 31 December 75,700 59,100 The details of the assets classified as held for sale are as follows: (i) On 1 August 2019, Daya Petaling Sdn Bhd, a wholly-owned subsidiary, entered into a sale and purchase agreement to dispose a land with 8-storey commercial building with a basement car park erected on the land known as “Intan Square” in Selangor for a total cash consideration amounting to RM27,500,000. The said disposal will be completed in year 2020. (ii) On 20 September 2019, Tropicana Properties (Klang) Sdn Bhd, a wholly-owned subsidiary, entered into a sale and purchase agreement to dispose a land with 10-storey building erected on the land known as “Casa Klang” in Selangor for a total cash consideration amounting to RM30,000,000. The said disposal will be completed in year 2020. (iii) On 6 December 2019, Tropicana Properties (Keningau) Sdn Bhd, a wholly-owned subsidiary, entered into a sale and purchase agreement to dispose a land with 2-storey commercial building erected on the land known as “Kelab Rekreasi Keningau” in Sabah for a total cash consideration amounting to RM6,200,000. The said disposal will be completed in year 2020. (iv) On 31 December 2019, Tropicana Lido Development Sdn Bhd, a wholly-owned subsidiary, entered into a sale and purchase agreement to dispose 5 parcels of land in Sabah for a total cash consideration amounting to RM12,000,000. The said disposal will be completed in year 2020. (v) On 17 July 2018, Tropicana Development (Sabah) Sdn Bhd, a wholly-owned subsidiary, entered into a sale and purchase agreement to dispose 4 adjoining land development with 4-storey commercial building know as “Blue 7” in Sabah for a total cash consideration amounting to RM38,000,000. The said disposal has duly completed during the financial year. (vi) On 28 December 2018, Tropicana Coliseum (Ipoh) Sdn Bhd, a wholly-owned subsidiary, entered into a sale and purchase agreement to dispose a 6 1/2-storey commercial building known as “Coliseum Square” in Perak for a total cash consideration amounting to RM22,800,000. The said disposal has duly completed during the financial year. The freehold and leasehold land with aggregate carrying amounts of RM63,700,000 (2018: RM59,100,000) are pledged as securities for bank borrowings as disclosed in Note 32. For the financial year ended 31 December 2019 Notes to the Financial Statements Tropicana Corporation Berhad Annual Report 2019 pg 210 About Tropicana Our Strategic Performance Our Leadership