43. SIGNIFICANT EVENTS (CONT’D.) The following is a summary of material disposals of properties by the Group’s subsidiaries during the financial year ended 31 December 2022: (cont’d.) (a) During the financial year, Tropicana Aman Sdn Bhd (“TASB”), a wholly-owned subsidiary of the Group has entered into few sale and purchase agreements as follows: (cont’d.) (iii) On 30 September 2020, TASB entered into a sale and purchase agreement with Chevron Malaysia Limited, for the disposal of a parcel of leasehold land measuring approximately 6,677 square metres in Selangor for a total consideration of RM9,200,000. Accordingly, gain on disposal of RM4,688,000 was recognised in the profit or loss upon fulfillment of conditions precedent on 18 October 2022. (iv) On 9 October 2020, TASB entered into a sale and purchase agreement with Kiharta Land Sdn Bhd, for the disposal of a parcel of leasehold land measuring approximately 44,967 square metres in Selangor for a total consideration of RM37,000,000. Accordingly, gain on disposal of RM9,303,000 was recognised in the profit or loss upon fulfillment of conditions precedent on 7 July 2022. (v) On 30 December 2022, TASB entered into a sale and purchase agreement with Ancubic Valley Sdn Bhd, for disposal of a parcel of leasehold land with category of land use “bangunan” measuring approximately 134,400 square metres in Selangor for a total consideration of RM134,540,000. Accordingly, the provision of foreseeable losses for the disposal of RM161,594,000 was recognised in the profit or loss. The said disposal will be completed in the financial year ending 31 December 2023. (b) On 31 December 2021, Tropicana Metro Sdn Bhd, a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with Metro Excelsior Sdn Bhd, for the disposal of a piece of freehold land with a 4-storey commercial building known as “Metro Klang”, measuring approximately 7,864 square metres and another piece of freehold land, measuring approximately 1,037 square metres in Selangor for a total consideration of RM17,500,000. These land and building were recognised as assets classified as held for sale in the previous financial year. Accordingly, loss on disposal of RM459,000 was recognised in the profit or loss upon fulfillment of conditions precedent on 17 June 2022. (c) On 8 August 2022, Tropicana Desa Mentari Sdn Bhd, an indirect wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with KSL Development Sdn Bhd, for the disposal of part of 13 parcels of freehold lands measuring approximately 340,288 square metres in Johor for a total consideration of RM109,885,000. Accordingly, the provision of foreseeable losses for the disposal of RM136,990,000 was recognised in the profit or loss. The said disposal will be completed in the financial year ending 31 December 2023. (d) On 12 September 2022, Tropicana GP Views Sdn Bhd, a wholly-owned subsidiary of the Group, entered into a sale and purchase agreement with KSL Medini Development Sdn Bhd, for the disposal of 10 parcels of freehold lands measuring approximately 218,085 square metres in Johor for a total consideration of RM102,936,000. The said disposal will be completed in the financial year ending 31 December 2023. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 282 ANNUAL REPORT 2022
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