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REPLY TO BURSA MALAYSIA SECURITIES BERHAD'S QUERY LETTER DATED 12 OCTOBER 2023

TROPICANA CORPORATION BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-12102023-00002
Subject REPLY TO BURSA MALAYSIA SECURITIES BERHAD'S QUERY LETTER DATED 12 OCTOBER 2023
Description
We refer to the query letter from Bursa Malaysia Securities Berhad dated 12 October 2023, we append herewith the additional information as below for public release.
Query Letter Contents

We refer to the media articles entitled “Sunway sues Tropicana for alleged breach of agreement, double dealing in sale of education institution” and “Tropicana seeks to strike out Sunway’s claim for alleged breach of agreement” appearing in the TheEdge CEO Morning Brief dated 11 and 12 October 2023 respectively, a copy of which is enclosed for you reference.

 

In accordance with Bursa Securities' Corporate Disclosure Policy, kindly furnish Bursa Securities with an announcement for public release confirming or denying the above reported articles after due and diligent enquiry with all the directors, major shareholders and all such other person reasonably familiar with the matters about which the disclosure is to be made in this respect. In the event you deny the above reported sentence or any other part of the article, you are required to set forth facts sufficient to support the same.

 

Please furnish Bursa Securities with your reply via Bursa Link by today.

 

 

Yours faithfully

 

 

 

 

Listing

Regulation

 

 

cc:-   Market Surveillance, Securities Commission (via email)

Tropicana has applied to strike out the claim filed by RHB Trustees Bhd, Sunway Reit Management Sdn Bhd and Sunway Education Group Sdn Bhd (collectively, "Sunway") & counterclaim against Sunway on ground of its ulterior motive to impede and interfere with Tropicana's dealings with its properties and business and to injure it's good name and business reputation.

 

Tropicana contends that Sunway's Claim is baseless as the letter of offer between relevant parties was never intended to be legally binding and merely provided for negotiations within a specified time periods including an agreed time period for due diligence review, wherein Sunway has failed to conduct themselves within such specified periods.

 

Tropicana denies the alleged breach of contract, double dealing and double crossing the allegations of delay and obstruction to the completion of the due diligence review. Tropicana has provided extensive and sufficient information to Sunway for the purpose of the due diligence review. Sunway sought to reduce the agreed purchase price, deviating the salient terms of the letter offer. 

 

Kindly refer to the attachment for additional information as requested by Bursa Malaysia Securities Berhad.

 

This announcement is dated 12 October 2023.

 

Please refer attachment below.



Please refer attachment below.

Attachments

Press Release TCB.pdf
142.9 kB



Announcement Info

Company Name TROPICANA CORPORATION BERHAD
Stock Name TROP
Date Announced 12 Oct 2023
Category General Announcement for PLC
Reference Number GA1-12102023-00036



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