44. SUBSEQUENT EVENTS (i) On 16 January 2023, the Company increased its issued ordinary share capital from RM2,677,890,000 to RM2,767,890,000 through the issuance of 75,000,000 new ordinary shares at an issue price of RM1.20 each pursuant to the conversion of 75,000,000 ICPS by the conversion ratio of 1 unit ICPS to 1 new ordinary share. (ii) On 3 February 2023, 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 part of 111 parcels of freehold lands measuring approximately 43,908 square metres in Johor for a total consideration of RM21,268,000. The said disposal will be completed in financial year ending 31 December 2023. (iii) On 20 March 2023, the Company increased its issued ordinary share capital from RM2,767,890,000 to RM2,851,890,000 through the issuance of 70,000,000 new ordinary shares at an issue price of RM1.20 each pursuant to the conversion of 70,000,000 ICPS by the conversion ratio of 1 unit ICPS to 1 new ordinary share. (iv) On 29 March 2023, the Company increased its issued ordinary share capital from RM2,851,890,000 to RM2,861,970,000 through the issuance of 8,400,000 new ordinary shares at an issue price of RM1.20 each pursuant to the conversion of 8,400,000 ICPS by the conversion ratio of 1 unit ICPS to 1 new ordinary share. 45. MATERIAL LITIGATION (i) On 26 August 2013, the Company received an order from the Arbitral Tribunal to add the Company as a party to the arbitration proceedings between Dijaya-Malind JV (Mauritius) Limited (“DMML”), Dijaya-Malind Properties (India) Private Limited (“DMPPL”) and Starlite Global Enterprise (India) Limited (“SGEIL”) (“Order”). T he arbitration proceedings were previously instituted by DMML and DMPPL against SGEIL to seek the return of the deposit sum and damages arising from termination of the Deed of Novation cum Joint Development Agreement. T he Company appealed to the City Civil Court of Hyderabad against the Order which was dismissed on 2 June 2014. As our legal counsel opines the Order was erroneous and wrong in law, the Company has filed a further appeal to the High Court of Judicature of Andhra Pradesh and is pending hearing date to be set. (ii) On March 2021, Tropicana Corporation Berhad (“TCB”) was served with a claim for alleged relocation costs of RM25 million from Austin Powder Asia Pacific Inc (“AP”) in relation to a Corporate Guarantee dated 2 July 2015 (“CG”) provided by TCB to AP (“Claim”). The CG was provided by TCB pursuant to a Share Purchase Agreement dated 15 April 2015 and Supplement to Share Purchase Agreement dated 29 June 2015 between AP, Tropicana Tenaga Kimia Sdn Bhd (now known as Tropicana Saujana Sdn Bhd, a subsidiary of TCB) (“TSSB”) and one Mr Onn Hoe Sing in relation to the disposal of the shares held by TSSB in Tenaga Kimia Sdn Bhd. T CB is resisting the baseless Claim and has duly filed its defence on 17 May 2021 and also filed an application to strike out the Claim on 22 July 2021. As at the reporting date, the Claim is on-going and the next return date before the court is scheduled on 17 May 2023. T CB has been advised by its legal counsel that it has a fair chance of defeating the Claim and the possibility of winning the case is subjected to evidence and documents from both parties as well as interpretation of the same by the court. No provision for any liability has been made to TCB’s financial statements for the financial year ended 31 December 2022 as the Board is confident with a positive outcome of the suit. 283 FINANCIAL STATEMENTS & OTHER INFORMATION
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