The company is poised to launch RM3 billion worth of properties this year. The launch should add on to Tropicana's current RM1.1 billion worth of unbilled sales, which is good enough to provide for two years of earnings visibility.
Tropicana has strategic presence in three key property hotspots, namely Johor, Penang and the Klang Valley. Tropicana has land bank of 808ha, with a gross development value of RM60 billion.
Additionally, its ongoing asset monetisation initiatives are set to net between RM400 million and RM500 million in gross proceeds.
It had fixed the price of its 86.307 million shares at RM1.78 per placement share. The shares were to be placed out to local and foreign institutional investors. Tropicana was never known to have core institutional funds as substantial shareholders in the company. The exercise will raise gross proceeds of RM153.6 million.
Tropicana also announced that Yau had exercised one million of his employees' share option scheme (ESOS) shares.
On May 31 2013, it seek approval from its shareholders for the proposed renewal of authority to purchase its own shares of up to 10 per cent of the issued and paid-up share capital of the company. Tropicana bought back seven million of its shares from the market on June 5 2013. Prior to the purchase, Tropicana held zero of its own shares as treasury shares.
On June 3 2013, its founder Tan Sri Danny Tan Chee Sing had sold off 18.9 million shares at RM1.78 a share to a Malaysian government-linked institutional investor.
That set tongues wagging that the Employees Provident Fund was the buyer of the shares, and that Tropicana could be the next SP Setia in the making.
On June 5 2013, Tropicana sold some land in Petaling Jaya for RM111.6 million, and that it booked a net gain of RM87 million.
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