('" SIGNIFICANT#EVENTS#(CONT’D") The!following!is!a!summary!of!material!disposals!of!properties!by!the!Group’s!subsidiaries!during!the!financial!year!ended!+$!December! "#"+)!(cont’d') (l) On!$%!October!"#"+&!Tropicana!Metropark!Sdn!Bhd&!a!wholly-owned!subsidiary!of!the!Group&!entered!into!a!sale!and!purchase! agreement!with!Mitraland!Cheras!Sdn!Bhd&!for!the!disposal!of!"!parcels!freehold!land!measuring!approximately!$-&$1%!square!metres! in!Selangor!for!a!total!consideration!of!RM0+&$/-&"+0'!Accordingly&!the!provision!of!foreseeable!losses!for!the!disposal!of!RM"+&"1,&#+%! was!recognised!in!the!profit!or!loss'!The!said!disposal!will!be!completed!in!financial!year!ending!+$!December!"#"1' (m) On!%!December!"#"+&!Tropicana!Residences!Sdn!Bhd&!a!wholly-owned!subsidiary!of!the!Group&!entered!into!a!sale!and!purchase! agreement!with!IOI!PFCC!Hotel!Sdn!Bhd!and!Flora!Development!Sdn!Bhd&!for!the!disposal!of!W!Kuala!Lumpur&!a!"/-storey!hotel! which!is!situated!on!a!freehold!land!with!a!gross!floor!area!of!1,&,"1!square!metres!in!Kuala!Lumpur!for!a!total!consideration!of! RM"0#&###&###'!The!said!disposal!will!be!completed!in!financial!year!ending!+$!December!"#"1' ((" SUBSEQUENT#EVENTS (i)! On!"%!January!"#"1&!Tropicana!Macalister!Avenue!(Penang)!Sdn!Bhd&!a!wholly-owned!subsidiary!of!the!Group&!entered!into!a!sale! and!purchase!agreement!with!IOI!PFCC!Hotel!Sdn!Bhd&!for!the!disposal!of!Courtyard!by!Marriott!Penang&!a!hotel!which!is!situated! on!a!freehold!land!with!a!gross!floor!area!of!""&##/!square!metres!in!Penang!for!a!total!consideration!of!RM$%/&###&###'!The!said! disposal!will!be!completed!in!financial!year!ending!+$!December!"#"1' (ii)! On!1!March!"#"1&!Tropicana!Aurora!Pte!Ltd&!had!been!struck!o(!from!the!register!of!the!Accounting!and!Corporate!Regulatory! Authority!and!dissolved!following!the!publication!of!the!notice!of!striking!o(!pursuant!to!Section!+11A(%)!of!the!Companies!Act! $-%0!in!the!Gazette' (iii)! On!"$!March!"#"1&!Tropicana!Metropark!Sdn!Bhd&!a!wholly-owned!subsidiary!of!the!Group&!entered!into!a!sale!and!purchase! agreement! with! Bellworth! Sanctuary! Sdn! Bhd&! for! the! disposal! of! a! parcel! of! freehold! land! measuring! approximately!""&11#! square!metres!in!Selangor!for!a!total!consideration!of!RM,#&-$0&"1#'!The!said!disposal!will!be!completed!in!financial!year!ending! +$!December!"#"1' ! ()" MATERIAL#LITIGATION (i) On!"%!August!"#$+&!the!Company!received!an!order!from!the!Indian!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”)' The!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' The!Company!had!appealed!to!the!City!Civil!Court!of!Hyderabad!against!the!Order!which!was!dismissed!on!"!June!"#$1'!As!the! legal!counsel!opines!that!the!Order!was!erroneous!and!wrong!in!law&!the!Company!has!filed!a!further!appeal!to!the!High!Court!of! Judicature!of!Andhra!Pradesh!and!is!pending!hearing!date!to!be!set' (ii) On!March!"#"$&!Tropicana!Corporation!Berhad!(“TCB”)!was!served!with!a!claim!for!alleged!relocation!costs!of!RM"/!million!from!Austin! Powder!Asia!Pacific!Inc!(“AP”)!in!relation!to!a!Corporate!Guarantee!dated!"!July!"#$/!(“CG”)!provided!by!TCB!to!AP!(“Claim”)'!The!CG! was!provided!by!TCB!pursuant!to!a!Share!Purchase!Agreement!dated!$/!April!"#$/!and!Supplement!to!Share!Purchase!Agreement! dated!"-!June!"#$/!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' 299 FINANCIAL STATEMENTS & OTHER INFORMATION
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