Publication

the Art of Living
annual report 2018

Back in 2013, we changed our name been innovating and redefining the
to Tropicana Corporation Berhad – a art of living through the creation
name synonymous with the prestigious of our integrated developments
Tropicana Golf & Country Resort. This by incorporating residential and
sets a clear direction for the Group commercial components to create
and with it, we began to redefine thriving townships that are strategically
both ourselves and our integrated connected.
developments by leveraging on the
iconic ‘T’ branding. Fuelled by passion to be one of the
premier property developers, we will
After more than two decades in continue to deliver to our customers
the property industry, and having products that are intrinsically linked
pioneered residential resort-style with our Tropicana brand. Embodied
living with the advent of Tropicana by the core essence of innovation,
Golf & Country Resort and Tropicana creativity, quality and excellence, we
Indah Resort Homes, we established strive to redefine the art of living.
a unique DNA that sets us apart.
This DNA focuses on accessibility, It is said that home is where the heart
connectivity, innovative concepts is. This rings especially true as we have
and designs, generous open spaces, always believed in building homes that
amenities, facilities, multi-tiered not only appeal to the eyes and minds
security and quality. With emphasis of our consumers, but to their hearts
on our customers’ needs, we have as well.
FACTS
AT A GLANCE
RM1.64
billion
RM697.4 RM46.1
billion
million
Total Revenue Total Development Current Landbank of

RM1.64 billion in FY18 Properties Sales 1,088 acres with
RM697.4 million in FY18 potential GDV of
RM46.1 billion
Tropicana Aman’s 12,000 sq ft Property Gallery at Kota Kemuning
50 Top
RM2.31
with
14 10
Property
in progress Developer
Completed Developments Net Assets Per Share Awarded Top Ten Property
50 with 14 in progress RM2.31 in FY18 Developer by The Edge Malaysia
in FY18 Property Excellence Awards 2018
INSIDE THIS REPORT
ABOUT TROPICANA
04 About Tropicana Corporation Berhad
05 Vision & Business Principles
06 Significant Milestones
08 Corporate Information
09 Corporate Structure
10 Our Signature Developments
12 Awards & Accolades
14 A Commitment to Excellence
16 Event Highlights
18 Tropicana In the News Paisley Serviced Residences, Tropicana Metropark, Subang Jaya
OUR LEADERSHIP
40 Director’s Profile
47 Senior Management Profile
FINANCIAL STATEMENTS
96 Statement of Directors’ Responsibility
97 Director’s Report
102 Statement by Directors
102 Statutory Declaration
103 Independent Auditors’ Report
108 Statements of Comprehensive Income
WHAT WE’VE GOVERNED 109 Statements of Financial Position - Group
111 Statement of Financial Position - Company
74 Corporate Governance Overview
Statement 112 Statements of Changes in Equity - Group
87 Additional Compliance Information 113 Statement of Changes in Equity - Company
88 Statement on Risk Management and 114 Statements of Cash Flows - Group

Internal Control 116 Statement of Cash Flows - Company
91 Audit Committee Report 117 Notes to the Financial Statements
23 OUR STRATEGIC PERFORMANCE
23 Management Discussion & Analysis
Management 30 Performance at a Glance
Discussion &
32 Financial Highlights & Insights
34 Value Added Statement
Analysis
35 Investor Relations
36 Quality Assurance
SUSTAINABILITY AT TROPICANA
52
52 Group CEO Statement for Tropicana
Sustainability Report FY2018
53 Sustainability Statement
53 • About this Statement
Sustainability 58
60
• Economic Contributions
• Social Engagement
Statement 71 • Environmental Conscientiouness
40 ANNUAL
GENERAL MEETING
Ballroom 1, Tropicana Golf & Country Resort,

OTHER INFORMATION Jalan Kelab Tropicana, 47410 Petaling Jaya,
Selangor Darul Ehsan, Malaysia
219 Analysis of Shareholdings
222 Analysis of Warrant Holdings Tuesday, 25 June 2019
224 List of Properties
10.30 a.m.
230 Corporate Directory
232 Notice of Annual General Meeting
For more information, kindly

Proxy Form refer to pages 232 to 236
TROPICANA AMAN
(KOTA KEMUNING)
Tropicana Aman is a self-contained township that spreads
across 863 acres. The township comes with its very own 85-
acre Central Park, Residential Hub, commercial and residential
phases ringed by a 100-foot wide, tree-lined boulevard. Exuding
the feeling of living in a park the overall development beckons
residents to slow down from the stresses of modern life, breath
in the fresh air and enjoy the beauty of nature.
www.tropicanaaman.com.my
Life
C ULT I VAT I N G A BA L A N CED
style
ABOUT TROPICANA OUR STRATEGIC PERFORMANCE OUR LEADERSHIP SUSTAINABILITY AT TROPICANA
ABOUT
TROPICANA
I
ncorporated in 1979,
Tropicana Corporation
Berhad (“Tropicana” or
“Group” or “Company”) is
a rapidly evolving company
with diversified business
interests including property and
resort development, property
investment, manufacturing and
investment holding.
Following the strong performance shown
across its principal business segments, the
Company was listed on the Main Board of
Bursa Malaysia in 1992. Today, 90% of the
Group revenue is generated by property
development.
Since its rebranding exercise in 2013,

Tropicana continued to build on its
reputation of excellence by building quality
homes and integrated developments that
reflect the growing aspirations of a broad
range of home purchasers across Malaysia.
Guided by its unique Tropicana DNA

and brand values, Tropicana remains
focused on delivering long-term
sustainable growth and maximising
shareholders’ value. Fuelled by the
Tropicana transformation plan and its
unique development DNA, the Group has
achieved many memorable milestones
as it moves towards realising its vision
of becoming a premier property group
in Malaysia.
The iconic Tropicana Golf & Country Resort
4 TROPICANA CORPORATION BERHAD

WHAT WE’VE GOVERNED FINANCIAL STATEMENTS OTHER INFORMATION
OUR
VISION
We strive to be the leading property group that
delivers innovative and quality products that enhance
stakeholders’ value.
OUR
BUSINESS PRINCIPLES
OUR CUSTOMERS
COME FIRST
In delivering innovative products and services, we
work towards optimum customer satisfaction.
We recognise and reward our loyal customers, who
are our pillars of strength and a driving force behind
the success of our Company.
OUR COMMITMENT
TO OUR SHAREHOLDERS
In practicing the principles of good governance, we
endeavour to create shareholder value through our
sustainable strategies, full accountability, business
continuity and profitability.
OUR PEOPLE ARE

OUR GREATEST ASSETS
As a performance-driven organisation, our greatest
assets are our people and their dedication to deliver
the best. We are not only committed to the growth of
our human capital, but we also encourage a culture of
excellence and leadership towards greater successes.
OUR
TEAMWORK
We have built a nurturing organisation, with shared
values and culture, and we are motivated to think and
deliver as One Team and One Organisation
with One Vision.
ANNUAL REPORT 2018 5

SIGNIFICANT
MILESTONES
1979 2012 2013

Tropicana Group was incorporated Conducted the Tropicana Achieved record revenue of RM1.48
and has since become one of the amalgamation exercise to billion and record sales of RM2.16
fastest growing property developers consolidate all property development billion
in Malaysia and investment activities into the
Tropicana Group Changed its corporate name from
1992 Dijaya Corporation Berhad to
Officially launched Phase 1 of Tropicana Corporation Berhad
Tropicana Gardens and sold out
within two days
2011
Achieved a five-fold increase in
Company assets from RM500
million to RM2.5 billion, with Officially launched Tropicana
unbilled sales in excess of Metropark in Subang Jaya and
RM500 million conducted the signing ceremony
to build the direct flyover from
Listed on the Main Market of Bursa Tropicana Metropark to the Federal
Malaysia Securities Berhad Entered into an agreement
with Starwood Hotels & Highway
Pioneered the resort-themed Resorts Worldwide to build the
first five-star W Hotel within Kuala Entered into a strategic partnership
development concept in Malaysia with Marriot International to
with the introduction of its Lumpur City Centre
develop Courtyard by Marriott, the
624-acre Tropicana Golf & Country first Courtyard Hotel in Malaysia
Resort (“TGCR”) which houses a Entered into a joint-venture (“JV”)
380,000 square feet award-winning agreement with Ivory Properties
Group Berhad to develop mixed Won seven prestigious awards for
clubhouse projects and its continuous efforts
residential and commercial properties
in Bayan Mutiara, Penang as a community builder in Malaysia
1995
Acquired 227 acres of freehold land Ground breaking ceremony of
TGCR won the Best Leisure
in Iskandar Malaysia to build a mixed- Penang WorldCity by Tropicana and
Development in Malaysia by FIABCI
use development known as Tropicana Ivory Properties Group Berhad
Malaysia Chapter
Danga Cove
1996 2014
Unveiled its first property membership
Entered into a joint-venture with
card in Malaysia known as the
2009 HK-listed Agile Property Holdings
Tropicana Privilege Card
Ltd to develop Jalan Bukit Bintang
Developed the 409-acre Tropicana land
Incorporated Tropicana Foundation,
Indah Resort Homes a charity organisation dedicated to
improve the lives of under-privileged
Built its first integrated development, communities
Sri Desa condominium with shop
offices in Taman Desa
Unveiled its first commercial

development, Damansara Intan
e-Business Park in Petaling Jaya
Won multiple awards and accolades

for its outstanding developments
across TGCR and Tropicana Indah Achieved record revenue of RM1.97
townships billion and unbilled sales of RM2.7
billion
Unveiled the nine-acre Tropicana
2010 Ground breaking ceremony of
City integrated development
encompassing Tropicana City Mall, First entry into Johor to build a St. Joseph’s Institution International
Tropicana City Office Tower and 37-acre mixed-use development School Malaysia (“SJIIM”) (Tropicana
Tropics Serviced Apartments known as Tropicana Danga Bay, PJ Campus), Tropicana’s first
a joint-venture project with Iskandar education project
Waterfront Sdn Bhd

SIGNIFICANT MILESTONES
2016 2016 2018

Tropicana Foundation donated Entered into a sales and purchase Opened Malaysia’s first W Kuala
RM1.5 million to SJIIM International agreement with Tiarn Oversea Lumpur on 23 August 2018. The
Baccalaureate Group Sdn Bhd to dispose its 150-room W Kuala Lumpur is located
land in Pulai, Johor Bahru for within the KL city centre, just minutes
Entered into an agreement with RM569.8 million away from the iconic Petronas Twin
Kenanga Investment Bank to sell Towers
Dijaya Plaza tower for RM140 million Tropicana’s Founder and Advisor,
Tan Sri Dato’ Tan Chee Sing was
2015 recognised as the FIABCI Property
Man of the Year at the FIABCI
Company assets increased more Malaysian Chapter Property Awards
than two-fold from RM2.5 billion in 2016
2011 to RM6.0 billion in 2015
Possessed a land bank size of more

than 1,600 acres with an Gross
Development Value (“GDV”) of more
than RM50 billion
Achieved total sales of RM1.55

billion, with record high unbilled
sales of RM3.13 billion
Entered into an agreement with

GEMS Education to develop a school Honoured with various property Opened the highly-anticipated RM115
campus at Tropicana Metropark in awards such as BCI Top 10 million Tropicana Metropark Link that
Subang Jaya Developers’ Award 2016, Pioneer provides direct access for its residents
Development Award at The Edge from the Federal Highway to the
Entered into an agreement with Property Excellence Awards 2016, development doorstep
Tenby Schools to develop an Best Mixed-development Award at
international school campus at the iProperty.com People’s Choice Honoured with various awards namely
Tropicana Aman in Kota Kemuning Award 2016 and Asia Pacific Property the BCI Asia Awards 2018, Asia Pacific
Awards 2016 Property Awards 2018, five key awards
Continued to win prestigious at The Star Property Awards 2018 and
property awards, namely the BCI 2017 iProperty Awards 2018 respectively as
Asia Top 10 Developers’ Award, well as Top Ten Property Developer for
Highest Profit Growth Company by Made good progress on its strategic
the Edge Property Excellence Awards
The Edge Billion Ringgit Club Award transformation roadmap, reducing
2018
2015 and Asia Pacific Property its net gearing ratio from 0.55x in
Awards 2015 2013 to 0.27x in 2017 2017
2014 Introduced the Tropicana Urban Won a string of property awards

Homes concept that is targeted and recognitions at various
Won 17 prestigious awards for its towards the middle-income awards ceremonies. Amongst
projects and continuous efforts as a community, namely first-time home others, Tropicana was honoured
community builder in Malaysia buyers and new families as one of the Top Ten Property
Developer at The Edge Property
Tan Sri Dato’ Tan Chee Sing was Excellence Award 2017
honoured for his outstanding
achievements in the property
industry by Tatler Malaysia, Asia
Pacific Entrepreneur Awards and
the Chinese Chamber of Commerce
& Industry of Kuala Lumpur and
Selangor
Tropicana’s Founder and Advisor, Tan

Sri Dato’ Tan Chee Sing was honoured
with the Malaysian Fujian Outstanding
Entrepreneur Award

CORPORATE
INFORMATION
AUDIT COMMITTEE AUDITORS

BOARD OF DIRECTORS Mohd Najib Bin Abdul Aziz (Chairman) Ernst & Young
Hafez Mohd Hashim Bin Razman Chartered Accountants
Tan Sri Dr Lim Wee Chai Md Hashim Level 23A, Menara Milenium
Chairman, Non-Independent Loh Chen Peng Jalan Damanlela
Non-Executive Director Pusat Bandar Damansara
RISK MANAGEMENT COMMITTEE 50490 Kuala Lumpur, Malaysia
Hafez Mohd Hashim Bin Razman Telephone : +603 7495 8000
Tan Sri Dato’ Tan Chee Sing
Md Hashim (Chairman) Facsimile : +603 2095 9076
Group Executive Vice Chairman
Dato’ Dickson Tan Yong Loong
Dion Tan Yong Chien SHARE REGISTRAR
Yeow Wai Siaw Datuk Michael Tang Vee Mun Boardroom Share Registrars Sdn Bhd
Group Chief Executive Officer Loh Chen Peng (formerly known as Symphony Share
Registrars Sdn Bhd)
Dato’ Dickson Tan Yong Loong NOMINATION COMMITTEE Level 6, Symphony House
Deputy Group Chief Executive Officer Datuk Wira Lye Ek Seang (Chairman) Pusat Dagangan Dana 1
Datuk Michael Tang Vee Mun Jalan PJU 1A/46
Dion Tan Yong Chien Mohd Najib Bin Abdul Aziz 47301 Petaling Jaya
Group Managing Director Hafez Mohd Hashim Bin Razman Selangor Darul Ehsan, Malaysia
Md Hashim Telephone : +603 7849 0777
Facsimile : +603 7841 8151/ 8152/ 8100
Datuk Michael Tang Vee Mun
REMUNERATION COMMITTEE
Non-Independent Non-Executive Datuk Michael Tang Vee Mun COMPANY SECRETARIES
Director (Chairman) Chua Siew Chuan (MAICSA 0777689)
Dato’ Dickson Tan Yong Loong Chin Mun Yee (MAICSA 7019243)
Mohd Najib Bin Abdul Aziz Datuk Wira Lye Ek Seang Chin Soo Ching @ Chen Soo Ching
Independent Non-Executive (MAICSA 7042265)
Director PRICING COMMITTEE Chong Mei Yan (MAICSA 7047707)
Mohd Najib Bin Abdul Aziz (Chairman)
Hafez Mohd Hashim Bin Razman Dato’ Dickson Tan Yong Loong PRINCIPAL BANKERS
Md Hashim Dion Tan Yong Chien Affin Bank Berhad
Datuk Wira Lye Ek Seang Alliance Bank Malaysia Berhad
Independent Non-Executive
Yeow Wai Siaw Alliance Islamic Bank Berhad
Director
Al Rajhi Banking & Investment
INVESTMENT COMMITTEE Corporation (Malaysia) Berhad
Loh Chen Peng Datuk Michael Tang Vee Mun AmBank Berhad
Independent Non-Executive (Chairman) AmIslamic Bank Berhad
Director Tan Sri Dr Lim Wee Chai Asian Finance Bank Berhad
Dato’ Dickson Tan Yong Loong Bank of China (M) Berhad
Datuk Wira Lye Ek Seang Dion Tan Yong Chien Bank of East Asia, Ltd
Independent Non-Executive Yeow Wai Siaw Bank Kerjasama Rakyat Malaysia Berhad
Director Hafez Mohd Hashim Bin Razman CIMB Bank Berhad
Md Hashim Hong Leong Bank Berhad
HSBC Bank (M) Berhad
Alice Dora Boucher
HEAD OFFICE Maybank Berhad
Independent Non-Executive
Level 2, 7, 9, 10, 11 & 12 OCBC Bank (M) Berhad
Director Tropicana City Office Tower OCBC Islamic Berhad
No. 3, Jalan SS 20/27 Public Bank Berhad
47400 Petaling Jaya Standard Chartered Bank (M) Berhad
Telephone : +603 7710 1018 WEBSITE
Facsimile : +603 7725 3035 www.tropicanacorp.com.my
REGISTERED OFFICE EMAIL

Lot LG-A1, Lower Ground Floor corpcomm@tropicanacorp.com.my
3 Damansara
No. 3, Jalan SS 20/27 STOCK EXCHANGE LISTING
47400 Petaling Jaya Main Market
Selangor Darul Ehsan, Malaysia Bursa Malaysia Securities Berhad
Telephone : +603 7713 8288 Stock Name : TROP
Facsimile : +603 7713 8228 Stock Code : 5401


CORPORATE
STRUCTURE
AS AT 29 MARCH 2019
PROPERTY DEVELOPMENT, PROPERTY MANAGEMENT, PROPERTY INVESTMENT, RECREATION AND RESORT OPERATIONS
Advent Nexus Sdn Bhd 100% Tropicana Development (Johor Bahru) Tropicana Mentari Development Sdn Bhd
Arah Pelangi Sdn Bhd 100% Sdn Bhd 100% 100%
Bakat Rampai Sdn Bhd 100% Tropicana Development (Penang) Sdn Bhd • Tropicana Sierra Sdn Bhd
100% (fka Marivaux Holdings Sdn Bhd) 100%
• Dicorp Land Sdn Bhd 100%
Tropicana Development (Sabah) Sdn Bhd • Urban Discovery Sdn Bhd 100%
• Tropicana City Sdn Bhd 100% 100% Tropicana Metro Sdn Bhd 100%
Dicasa Management Services Sdn Bhd Tropicana Education Management Sdn Bhd
100% Tropicana Metropark Sdn Bhd 100%
85%
• Tropicana Gems Education Sdn Bhd
Tropicana City Management Sdn Bhd 100% Tropicana Golf & Country Resort Berhad (fka Noble Kinetic Sdn Bhd) 100%
Tropicana Parking Sdn Bhd 100% 100%
Tropicana Plaza Sdn Bhd 100%
Tropicana Kajang Hill Sdn Bhd 100% • Tropicana Desa Mentari Sdn Bhd 100%
Tropicana Properties (Keningau) Sdn Bhd 100%
• Tropicana Indah Realty Sdn Bhd 100% • Tropicana Management Services Sdn Bhd
100% Tropicana Properties (Klang) Sdn Bhd 100%
Tropicana Indah Sdn Bhd 70%
• Tropicana Sungai Buloh Sdn Bhd 100% Tropicana Properties (Sabah) Sdn Bhd 100%
Daya Petaling Sdn Bhd 100%
Tropicana Harapan Sdn Bhd 100% Tropicana Properties (Sandakan) Sdn Bhd 100%
Myxon (M) Sdn Bhd 100%
• Tropicana Temokin Sdn Bhd (fka Vivascape Tropicana Property Management Sdn Bhd 100%
Tropicana Aman Sdn Bhd 100% Sdn Bhd) 51% Tropicana Rahang Development Sdn Bhd 100%
• Sapphire Step Sdn Bhd 100% Tropicana Jaya Sdn Bhd 100% Tropicana Residences Sdn Bhd 100%
Tropicana Bukit Bintang Development Tropicana KL Development Sdn Bhd 100%
Sdn Bhd 100% Tropicana Resort Holding Sdn Bhd 100%
Tropicana Lahad Datu Development Sdn Bhd • Tropicana Danga Bay Resort Sdn Bhd 60%
Tropicana Coliseum (Ipoh) Sdn Bhd 100% 100%
Tropicana Cheras Sdn Bhd 100% Tropicana Sanctuary Holdings Sdn Bhd
Tropicana Land Sdn Bhd 100% (fka Peluang Duta Sdn Bhd) 50.1%
Tropicana Danga Bay Land Sdn Bhd 100% Tropicana Land (Sandakan) Sdn Bhd 100% • Tropicana Sanctuary Development Sdn Bhd
• Tropicana Danga Bay Sdn Bhd 60% Tropicana Landmark Sdn Bhd 100% (fka T Sanctuary Development Sdn Bhd) 70%
Tropicana Danga Bay Pte Ltd 100% Tropicana Lido Development Sdn Bhd 100% Tropicana Senibong Sdn Bhd 100%
• Desiran Realiti Sdn Bhd 100% Tropicana Macalister Avenue (Penang) Tropicana Serdang Suria Sdn Bhd 100%
Tropicana Danga Cove Holding Sdn Bhd 100% Sdn Bhd 100% Tropicana Tawau Development Sdn Bhd 100%
• Tropicana Danga Cove Sdn Bhd 50% Tropicana Mengalum Holdings Sdn Bhd Tropicana Urban Homes Sdn Bhd 100%
(fka Faircube Sdn Bhd) 100%
Tropicana Danga Lagoon Sdn Bhd 80% Tropicana Wisma TT Sdn Bhd 100%
• Tropicana Mengalum Development Sdn Bhd
• Tropicana Lagoon Sdn Bhd 100% (fka Allstar Chorus Sdn Bhd) 100%
OTHER INVESTMENTS
Kuasa Cekapmas Sdn Bhd 100% Tropicana Danga Senibong Holding Tropicana Marketplace Sdn Bhd 100%
Pixelcloud Sdn Bhd 100% Sdn Bhd 100%
• Tropicana Marketplace (Hong Kong) Limited
Sumber Saujana Sdn Bhd 100% • Tropicana Danga Senibong Sdn Bhd 70% 100%
• Tropicana Saujana Sdn Bhd 100% Tropicana Development (Sg Besi) Sdn Bhd 100% Tropicana Paisley Sdn Bhd 100%
Supreme Converge Sdn Bhd 100% Tropicana Global Development Sdn Bhd 100% Tropicana Properties (Puchong) Sdn Bhd 100%
• Agile Tropicana Development Sdn Bhd 30% Tropicana Innovative Landscape Sdn Bhd 100% Tropicana Sadong Jaya Development
Tropicana Investment Consulting Pte Ltd 100% Sdn Bhd 100%
Tropicana Building Materials Sdn Bhd 100%
Tropicana Jalan Selangor Development Tropicana Shared Services Sdn Bhd 100%
Tropicana Business Consulting (Shenzhen)
Pte Ltd 100% Sdn Bhd 100% Tropicana SJII Education Management
Tropicana Kemayan Development Sdn Bhd 100% Sdn Bhd 51%
Tropicana City Development Sdn Bhd
(fka Tropicana Construction Management Tropicana Kia Peng Sdn Bhd 100% Tropicana Subang South Development
Sdn Bhd) 100% Sdn Bhd 100%
Tropicana KK City Sdn Bhd 100%*
Tropicana Collections (MM2H) Sdn Bhd 100% Tropicana Technology Sdn Bhd 100%
Tropicana Lintas Development Sdn Bhd 100%
Tropicana Corporate Solutions Sdn Bhd 100% Ultimate Support Sdn Bhd 100%
Tropicana Credit & Leasing Sdn Bhd 100%
Note: “fka” – formerly known as

* In the process of striking off

OUR SIGNATURE
DEVELOPMENTS
Dalia Residences, Tropicana Aman, Kota Kemuning
The Residences, Kuala Lumpur City Centre Paloma Serviced Residences & Courtyard Villas, Tropicana Metropark, Subang Jaya

OUR SIGNATURE DEVELOPMENTS
Tropicana Golf & Country Resort Tropicana City Penang, Johor And Sabah
Petaling Jaya, Selangor Petaling Jaya, Selangor Developments
Residential Residential Residential
• Ana and Bella linked houses • Casa Damansara 1 and 2 condominiums • 10 Island Resort condominiums,
• Tropicana City Tropics serviced Batu Ferringhi, Penang*
• Casa Tropicana condominiums
apartments • Aston Villa linked houses,
• Cora and Dora semi-detached houses
semi-detached and shop offices,
• Green Acres 1 Gloria and Floria Bukit Mertajam, Penang
semi-detached houses Retail and Commercial
• Tropicana Landmark condominiums,
• Green Acres 2 linked houses and • Damansara Intan e-Business Park
Kota Kinabalu, Sabah
semidetached houses, bungalows • Tropicana City Mall (Rebranded to
and prime bungalow lots 3 Damansara) Mixed-Use Development
• Eva townhouses • Tropicana City Office Tower • Tropicana 218 Macalister integrated
• Tropicana Grande golf-fronted mixed-use development, Penang
condominiums Other Klang Valley Developments • Tropicana Danga Bay mixed-use
Petaling Jaya, Selangor development, Iskandar Malaysia,
Mixed-use Development and Commercial Johor***
Residential
• Merchant Square shop offices • Tropicana Danga Cove mixed-use
• Casa Kiara 1 and 2 condominiums,
• Tropicana Avenue retail, development, Iskandar Malaysia,
Mont’ Kiara, Kuala Lumpur*
offices and serviced apartments Johor***
• Casa Suites apartments,
Petaling Jaya, Selangor
Tropicana Indah Resort Homes
• Fortune Park apartments,
Petaling Jaya, Selangor
Kuala Lumpur
Residential
• Tropicana Cheras linked houses,
• Adam and Eve linked houses semi-detached houses and
• Casa Indah 1 and 2 condominiums bungalows, Cheras
Note:
• Grand Villas bungalows * Project Manager
Mixed-Use Development, Commercial, ** Joint-venture project with Aliran Firasat
• Green Haven bungalow lots Hospitality and Education Sdn. Bhd.
*** A joint-venture between Tropicana Corporation
• Green Haven 1 resort villas • Arena Mentari shop offices, Dataran Berhad and Iskandar Waterfront Sdn Bhd
• Golf Villas bungalows Mentari, Petaling Jaya, Selangor**
• Link Villas linked houses • GEMS International School at
• Mustika and Persona linked houses Tropicana Metropark, Subang, Selangor
• Pool Villas semi-detached houses • Tenby International School at

Tropicana Aman, Kota Kemuning,
• Romeo and Juliet linked houses
Shah Alam
• Villa Green 1 linked bungalows
• The Residences and W Kuala Lumpur
• Villa Green 2 semi-detached houses Hotel, Kuala Lumpur
• Villa Green semi-detached houses • Tropicana Aman mixed-use
development, Kota Kemuning,
Mixed-use Development, Commercial Shah Alam
and Education
• Tropicana Heights mixed-use
• St. Joseph’s Institution International development, Kajang
School Malaysia (Tropicana PJ Campus)
• Tropicana Metropark mixed-use
• Tropicana Gardens mixed-use development, Subang Jaya
development, Kota Damansara
• TSB Commercial Centre,
Sungai Buloh

AWARDS &
ACCOLADES
1992 2014
Tropicana Golf & Country Resort: Best Leisure ASIA PACIFIC PROPERTY AWARDS 2014
Development in Malaysia by FIABCI Malaysia • Tropicana 218 Macalister: Best Commercial
Chapter High-rise Development
• Tropicana Danga Bay: Highly Commended for
1995, 2003-2006 Mixed-use Development in Malaysia
Tropicana Golf & Country Club: Best Golf Course in • Tropicana Gardens: Best Retail Development
Malaysia by Golf Malaysia • Tropicana Metropark: Highly Commended for
Commercial Landscape Architectural in Malaysia
1997
BCI ASIA TOP 10 DEVELOPERS’ AWARDS 2014
Tropicana Golf & Country Club: Best Landscape in
• Tropicana Corporation Berhad: Top 10 Developers
Selangor by Selangor State Government
iPROPERTY PEOPLE’S CHOICE AWARDS 2014
1997, 1999-2006 • Paloma Serviced Residences: Best High-rise
Tropicana Golf & Country Club: Best Clubhouse/ Development
Facilities in Malaysia by Golf Malaysia • Pandora Serviced Residences: Best High-rise
Development
2005-2006
MALAYSIA INSTITUTE OF ARCHITECT AWARDS
Tropicana Golf & Country Club: Best Customer 2014
Service Club in Malaysia by Golf Malaysia • Tropicana Metropark Property Gallery: Silver
2009 Award for Adaptive Re-use
Villa Green Semi-detached Homes: Best SOUTH EAST ASIA PROPERTY AWARDS 2014
Residential Development in Malaysia, Best • Tropicana Avenue: Best Commercial Architectural
Residential Development in Asia Pacific, and Design
Best Residential Development in the World • Tropicana Avenue: Highly Commended for Best
by International Property Awards 2009 Luxury Condo Development (Central Malaysia)
• Tropicana Corporation Berhad: Special
2010 Recognition in CSR
Tropicana Golf & Country Resort: Best Golf • Tropicana Heights: Best Housing Landscape
Development in Malaysia and Best Golf Development Architectural Design
in Asia Pacific by International Property Awards 2010 • Tropicana Heights: Highly Commended for Best
Housing Development (Central Malaysia)
2011
THE EDGE BILLION RINGGIT CLUB AWARDS 2014
DREAM HOME AWARDS 2011 • Tropicana Corporation Berhad: Highest Profit
• Casa Indah 1 Condominium: Best Medium-high Growth Company (Property and REIT)
Cost Apartment
THE EDGE MALAYSIA PROPERTY EXCELLENCE
INTERNATIONAL PROPERTY AWARDS 2011 AWARDS 2014
• Tropicana Grande: Best Residential High-rise • Tropicana Corporation Berhad: Most Notable
Development in Malaysia and Best Residential Achievement
High-rise Development in Asia Pacific • Tropicana Corporation Berhad: Top Property
2012 Developer (ranked 6th)
ASIA PACIFIC PROPERTY AWARDS 2014 2015
• Pool Villas three-storey Semi-detached Homes: ASIA PACIFIC PROPERTY AWARDS 2015
Highly Commended for Best Multiple Units • Tropicana Corporation Berhad: Best Developer
Development in Malaysia Website in Malaysia
BCI ASIA TOP 10 DEVELOPERS’ AWARDS 2012 • Tropicana Gardens: Best Mixed-use Development
• Tropicana Corporation Berhad: Top 10 Developers in Malaysia
PROPERTYTALK & LIFESTYLE GROUP MALAYSIA BCI ASIA TOP 10 DEVELOPERS’ AWARDS 2015
2012 • Tropicana Corporation Berhad: Top 10 Developers
• Arnica Serviced Residences, Tropicana Gardens: BRANDLAUREATE SPECIAL EDITION WORLD
Property of the Year AWARDS 2015
• Tropicana Metropark: Best Development
Masterplan of the Year • Tan Sri Dato’ Tan Chee Sing: Brandpreneur Life
Inspired Achievement
2013 • Tropicana Corporation Berhad: Brand Excellence
ASIA PACIFIC PROPERTY AWARDS 2013 for Best Property
• Tropicana Metropark: Best Mixed-use GREENRE AWARDS 2015
Development in Malaysia • Tropicana Avenue: Gold GreenRe Award
BCI ASIA TOP 10 DEVELOPERS’ AWARDS 2013 (Residential)
• Tropicana Corporation Berhad: Top 10 Developers • The Residences: Gold GreenRe Award
(Residential)
MALAYSIA POWER BRAND 2013
• Tropicana Corporation Berhad: Power Brand NATIONAL ANNUAL CORPORATE REPORT
Award for Organisation, Management and Brand AWARDS 2015
Management • Tropicana Corporation Berhad: 2014 Annual
Report (Merit)
SUPER EXCELLENT BRAND AWARDS 2013
• Tropicana Corporation Berhad: Super Excellent
Brand

AWARDS & ACCOLADES
PROPERTY INSIGHT PRESTIGIOUS DEVELOPER PROPERTY INSIGHT PRESTIGIOUS DEVELOPER

AWARDS 2015 AWARDS 2017
• Tropicana Corporation Berhad: Top 10 Developer • Tropicana Aman: Distinctive Lifestyle Township
PUTRA BRAND AWARDS 2015 Development
• Tropicana Corporation Berhad: People’s Choice • Tropicana Corporation Berhad: Top 10 Property
Developer of the Year
THE EDGE BILLION RINGGIT CLUB AWARDS 2015 • Tropicana Gardens: Best Transit-oriented
• Tropicana Corporation Berhad: Highest Profit Development
Growth Company (Property and REIT) • Tropicana Heights: Best Township Development
THE EDGE MALAYSIA PROPERTY EXCELLENCE • Tropicana Metropark: Best Urban Lifestyle
AWARDS 2015 Development
• Tan Sri Dato’ Tan Chee Sing: The Edge Malaysia THE EDGE MALAYSIA PROPERTY EXCELLENCE
Outstanding Property Entrepreneur AWARDS 2017
2016 • Tropicana Corporation Berhad: Top 10 Property
Developer
ASIA PACIFIC PROPERTY AWARDS 2016
• Tropicana Aman Sales Gallery: Commercial THE MALAYSIAN FUJIAN OUTSTANDING
Landscape Architecture in Malaysia ENTREPRENEUR AWARD 2017
• Tropicana Corporation Berhad: Top 10 Developers • Tan Sri Dato’ Tan Chee Sing: Malaysian Fujian
Outstanding Entrepreneur
• Tropicana Corporation Berhad: Top 10 Developers THE STAR PROPERTY AWARDS 2017
• Tropicana Corporation Berhad: The
FIABCI MALAYSIAN CHAPTER PROPERTY
All Star Award: Top Ranked Developer
AWARDS 2016
of the Year
• Tan Sri Dato’ Tan Chee Sing: FIABCI Property Man
• Tropicana Metropark: The Neighbourhood Award:
of the Year
Best Boutique Township, Below 500 Acres (Merit)
iPROPERTY PEOPLE’S CHOICE AWARDS 2016 • The Residences: The Niche & Unique Award: Best
• Tropicana Gardens: Best Mixed-use Development Boutique Development (Excellence)
NATIONAL ANNUAL CORPORATE REPORT
2018
AWARDS 2016
• Tropicana Corporation Berhad: 2015 Annual THE STAR PROPERTY AWARDS 2018
Report (Merit) • Tropicana Corporation Berhad: The All Star
Award: Top Ranked Developer of the Year
THE EDGE PROPERTY EXCELLENCE AWARDS
• Tropicana Gardens: Just - Walk Award: Best
2016
Integrated Development
• Tropicana Golf & Country Resort: Pioneer
• Dalia Residences at Tropicana Aman: Cornerstone
Development
Award - Best Landed Development
2017 • Tropicana 218 Macalister: Niche & Unique Award
ASIA PACIFIC PROPERTY AWARDS 2017 - Best Boutique Development
• Tropicana Aman: Best Residential Development • Tropicana Bay Residences: Small is Big Award
- Best Small Home Development
• Tropicana Corporation Berhad: Top 10 Developers ASIA PACIFIC PROPERTY AWARDS 2018
• The Residences: Best High-Rise Development
FROST & SULLIVAN’S BEST PRACTICES AWARDS
2017 THE EDGE MALAYSIA PROPERTY EXCELLENCE
• Tropicana Corporation Berhad: New Product AWARDS 2018
Innovation • Tropicana Corporation Berhad: Top 10 Property
iPROPERTY DEVELOPMENT EXCELLENCE Developer
AWARDS 2017 iPROPERTY PEOPLE’S CHOICE AWARDS 2018
• Tropicana Aman: Best Township Development • Tropicana Corporation Berhad: People’s Choice
• Tropicana Corporation Berhad: People’s Choice • Dalia Residences at Tropicana Aman: Best
• Ridgefield Residences, Tropicana Heights: Best Residential Landed Development
Residential Landed Development • Tropicana Gardens: Best Sustainable
• Tropicana Metropark: Best Mixed-use Development and Highly Acclaimed Best Transit-
Development Oriented Development
PROPERTYGURU ASIA PACIFIC PROPERTY • Ayera Residences at Tropicana Danga Cove:
AWARDS 2017 Highly Acclaimed Best Residential Landed
• Tropicana Aman: Best Housing Development (KL) Development
• Tropicana Corporation Berhad: Best Developer BCI ASIA TOP 10 DEVELOPERS’ AWARDS 2018
(Malaysia), Special Recognition in Sustainable • Tropicana Corporation Berhad: Top 10 Developers
Development, and Special Recognition in
Corporate Social Responsibility
• Tropicana Gardens: Best Green Development
• Tropicana Metropark: Best Mixed-use
Development
• The Residences: Best Luxury Condo Development
(KL), and Best Condo Development (KL)

A COMMITMENT
TO EXCELLENCE
The Star Property Awards 2018
Tropicana’s ability to deliver sustainable, innovative,

quality and yet, iconic developments were
recognised at The Star Property Awards 2018
whereby out of the total 21 awards, Tropicana
swept five key awards, namely the All-Star Award;
Just - Walk Award - Best Integrated Development
for Tropicana Gardens; Cornerstone Award - Best
Landed Development for Dalia Residences at
Tropicana Aman, Niche & Unique Award - Best
Boutique Development for the soon to be launched
Tropicana 218 Macalister and the Small is Big Award
- Best Small Home Development for Tropicana Bay
Residences.
Organised by The Star Media Group Berhad, the

awards celebrated some of Malaysia’s noteworthy
and well-designed sustainable developments.
Asia Pacific Property Awards 2018
As recognition of Tropicana’s ability to deliver world-

class developments that deliver positive outcomes
to its customers, Tropicana’s The Residences won
the Best High-Rise Development at the Asia Pacific
Property Awards 2018 held in Bangkok. Located
near to KLCC Twin Towers, the mixed-use tower
consists of 353 service residences and 150-room
W Hotel Kuala Lumpur suites.
The Asia Pacific Property Awards is held annually to

celebrate the highest achievements of companies
across the property and real-estate industry.

A COMMITMENT TO EXCELLENCE
The Edge Malaysia Property

Excellence Awards 2018
Tropicana once again won its place as one the Top

Ten Property Developers at The Edge Malaysia
Property Excellence Awards 2018, improving from
its position from tenth place in 2017 to ninth in
2018.
Held at the Hilton Kuala Lumpur on

29 October 2018, The Edge Malaysia Property
Excellence Awards 2018 essentially recognises
property companies that have achieved sustainable
financial strength and ability to deliver a wide
range of quality products, for home or investment
purposes.
iProperty Development Excellence

Award 2018
As a result of its long-standing commitment to

delivering quality homes that meet the needs of
consumers, Tropicana once again took home the
highly coveted People’s Choice Award 2018 for the
second time in a row.
Tropicana also won Best Residential Landed

Development (Dalia Residences at Tropicana
Aman), Best Sustainable Development and Highly
Acclaimed Best Transit-Oriented Development
(Tropicana Gardens) and Highly Acclaimed Best
Residential Landed Development (Ayera Residences
at Tropicana Danga Cove).
Held on 15 November 2018 and organised by

Malaysia’s leading property site, iProperty.com
Malaysia, the iProperty Development Excellence
Awards (iDEA) essentially honours Malaysia’s best
property developers and developments.
BCI Asia Awards 2018
Tropicana once again took top honours at the

annual BCI Asia Awards 2018, winning BCI Asia Top
10 Developers Award 2018. This marks the seventh
time Tropicana has won this award, demonstrating
the strong team that work behind the scenes
to deliver innovative developments throughout
Malaysia.

EVENT
HIGHLIGHTS
12 May – 6 July 2018
28 January 2018
Tropicana Drive Me Home Campaign 2018

The Tropicana Drive Me Home campaign finale at its
award-winning mixed development, Tropicana Metropark,
Subang Jaya. rewarded three of its purchasers. The grand
Tropicana Carnival Party prize winners walked away with three Toyota vehicles worth
more than RM300K in total, namely a Toyota Vios, Toyota Altis
An annual affair for Tropicana Golf & Country Resort
and Toyota Camry.
(TGCR), the Annual Carnival Party 2018 held at the Golf
Wing marked another big milestone for the club as it
showcased 100 booths and over 700 visitors.
13 May 2018
25 February 2018
Lion Dance Performance at Golf Wing

“Le Cabaret” Shanghai Night
Members and guests of Tropicana Golf & Country The bygone era of ‘Old Cosmopolitan Shanghai’ came alive
Resort (TGCR) were treated to an Acrobatic Lion Dance at the ‘Le Cabaret’ Shanghai Night, an evening of dinner,
performance ushering in the Chinese New Year. Prior the song and dance by Tropicana Golf & Country Resort in
main event, the lions made a tour around the club as they collaboration with Dama Asia. Tan Soo Suan together with
spread cheer to the children and patrons. the Dama Orchestra set the stage on fire with energetic
performances and costumes from that significant era.
1 July 2018
31 March 2018
“I Have A Dream”
Tropicana Golf & Country Resort (TGCR) in collaboration
with Dama Asia showcased a melodious “I Have A Dream”.
Casting three talented singers; Michelle Tan, Sherene Tan Tropicana Metropark Bubble Bridge Run 2018
and Yon Lynn Tan on a one-night only event held at Green
The first ever Bubble Bridge Run at Tropicana Metropark saw
3. It was a fun night out with great music and good vibes as
more than 1,600 participants enjoy a 5km fun run involving
the girls regaled the crowd with the story of a girl out on a
a series of inflatable obstacle challenges, dodge water guns,
quest to discover the father she’s never known.
tire steps and claim victory across a foamy finish!

EVENT HIGHLIGHTS
7 November 2018
“Phantom From West End” A Magical Musical Evening

Renown Nigel Richards and Dama Asia Theatre
31 July 2018 Company’s Tan Soo Suan took the stage with a thrilling
performance of Phantom From West End. The concert,
co-organised by Tropicana Golf & Country Resort
(TGCR), was a full house filled with exhilarated theatre
connoisseurs and novices of 643 pax, entertained by
this heartfelt musical journey.
The Edge Rat Race 2018

14 November 2018
Tropicana Corporation participation in the Edge Rat Race 2018
marks its 14th year of entry in the event’s 18 years of existence.
The Race was held at Padang Merbok where runners covered
a distance of 4.5km to support a great cause.
13 -14 October 2018
Fun Food Run

Another successful run organised by Tropicana Golf &
Country Resort (TGCR), with official medical partner
KPJ Damansara Specialist Hospital and supported by
Titoni, Ingress Auto and Vietnam Airlines. A total of 513
runners took part in this event, with over 300 of the
participants choosing to fun run or brisk walk whilst
Glow in the Park at Tropicana Aman enjoying the variety of food and activities throughout
Families and kids had great fun at Tropicana Aman at the the course.
exciting ‘GLOW In The Park’ event. Almost 600 attendees
gathered at Central Park where activities like LED play
equipment, LED-lit beetle cars and minibuses as well as a LED
train drove around the park.
16 December 2018
29 October 2018
Tun Dr Siti Hasmah Award by

The Edge Property Excellence Award 2018 The Malaysian Aids Foundation
Tropicana Corporation was ranked 9th Top Property Developer Tropicana Corporation joined in the efforts to raise
in Malaysia at The Edge Malaysia Property Excellence Awards awareness at the The Malaysian Aids Foundation
2018. The award was presented at a gala dinner at the Hilton hosted Tun Dr Siti Hasmah Award Gala Dinner. The
Kuala Lumpur, with more than 400 real estate players and fundraiser highlights her consistent efforts and
experts in attendance. compassion for the plight of the underprivileged.

TROPICANA
IN THE NEWS

TROPICANA IN THE NEWS

TROPICANA HEIGHTS
(KAJANG)
Tropicana Heights bring to life the natural ecosystem of the
land. Built on a former 199-acre golf course, the sprawling
township consists of a 16-acre Central Park, a 750-metre
linear lake, tree-lined pedestrian walkways, a market square
and residential precincts that promote a healthier and greener
living environment. Pocket parks have also been created to
allow residents to discover the hidden delights of this tranquil
environment that nurtures a strong community spirit.
www.tropicanaheights.com.my
Ecos
RE S TO RI NG TH E N ATU R A L
ystem
Ayera Residences, Tropicana Danga Cove, Iskandar Malaysia
Tropicana Danga Bay, Iskandar Malaysia Tropicana 218 Macalister, Penang

multi-tiered security and quality. Backed by

our innovative spirit, fresh perspectives and
dynamic team, we achieved modest growth
anchored on eight ongoing projects and an
MANAGEMENT
existing landbank of over 1,088 acres with
a total potential Gross Development Value
(“GDV”) of RM46.1 billion.
DISCUSSION Financial Review
& ANALYSIS
The property industry during the year under
review remained challenging, faced with
global and regional economic headwinds.
For the year under review, Tropicana’s

revenue was lower by 9.9%, registering
Over the last three decades, Tropicana has focused on designing
RM1.64 billion compared to RM1.81 billion
and shaping communities, building on our reputation of having in the preceding year. This was due to lower
in-depth market insights and experience. In pursuit of excellence, sales and progress billings across projects in
we continued to be market-driven, redoubling efforts to unlock the Klang Valley as well as the Southern and
Northern regions.
the value of our strategic landbanks in the Central, Northern
and Southern regions of Peninsular Malaysia. We worked hard Nevertheless, our profit before tax increased
at positioning our businesses for growth, delivering sustainable by 15.0% from RM278.4 million in 2017 to
performance and long-term shareholder value. RM320.2 million in 2018, while net profit
decreased slightly to RM170.0 million from
RM180.9 million recorded in 2017.
Looking ahead, we will remain focused
T
hroughout 2018, Malaysia’s on being market driven, introduce new
economic growth remained developments and phases in 2019 within
subdued due to financial market the existing and new signature Tropicana
volatility and uncertainties in the townships amounting to a GDV of more than
global economies, including external trade RM3.2 billion, adapting to market demands
tensions which contributed towards the while unlocking value of our landbank
lower Gross Domestic Product (“GDP”) in strategic locations in the Klang Valley,
registered for the year at 4.7%. The Genting and Southern regions of Peninsular
government introduced various policies Malaysia.
to invigorate the property market such as
exemptions on stamp duty and Real Property Profit Before Tax (million)
Gains Tax, including a wide range of benefits
2018
for first-time house buyers. RM320.2
Against this challenging backdrop, we

2017
pursued the prudent management of our RM278.4

The Residences and W Kuala Lumpur located in
the heart of the city resources and at the same time, remained
centred on building quality homes that
delivered on our promise of creating value to
our residents and surrounding communities.
We redefined the use of space guided
+
15.0%
by our unique DNA, namely accessibility,
connectivity, amenities, facilities, innovative
2018 comparing
concepts and designs, generous open spaces,
to 2017

MANAGEMENT DISCUSSION & ANALYSIS
Charting New Milestones
During the year in review, we leveraged on

our strengths and remained relentless in our
pursuit of growth.
Nevertheless, today we are faced with the

reality of a challenging economy and cautious
consumer sentiments. We are also aware
of structural demographic shifts, increasing
impact of technology on lifestyles as well as
the blurring lines between work and personal
Tropicana continues to find exciting ways to engage the public
lives.
With our long-standing industry experience, Another campaign that was launched to
we believe that there are opportunities to address consumers’ home affordability
be realised amidst these challenges. Backed challenges was the ‘Tropicana Stay & Save’
by a resilient team of experienced master campaign. Held from 1 September to
planners, we raised the bar in designing quality 31 October 2018, customers who purchased
homes by capitalising on growth themes a property from any of Tropicana’s signature
that reflected evolving consumer lifestyles developments were given three months
to drive performance. As one of the leading free instalments. In addition, grand prize
property developers in Malaysia with a strong winners could easily win up to 36 months of
pipeline of projects, we centred our efforts free instalments, allowing them to save on
on strengthening our competitive advantage, instalment amounts instead.
unlocking the value of our developments
while simultaneously repositioning our The properties for both of these key
portfolio in line with Malaysia’s property campaigns were mainly from Tropicana’s
cycle. signature developments, namely Tropicana
Metropark at Subang Jaya, Tropicana Heights
Creating Impactful Experiences at Kajang, Tropicana Aman at Kota Kemuning,
Tropicana Gardens at Kota Damansara and Tropicana Bubble Bridge Run at Tropicana Metropark,
Tropicana Cheras. Subang Jaya
Customer experience is central to our long-
term growth and strategy. We acknowledge
that our ability to achieve growth is largely Cultivating a Culture of Well-Being Some of the activities conducted included:
due to the unwavering support of our loyal
customers. The well-being of our communities is at • Ushering Chinese New Year 2018
the heart of all that we do as this promotes To help residents at Tropicana Metropark
During the year in review, we introduced the sustainable growth and transforms their usher in the Chinese New Year in a positive
‘Tropicana Drive Me Home’ campaign, held quality of life. We recognise that building manner, several feng shui talks were
from 12 May to 6 July 2018, to encourage communities require a lot of effort over a held. These talks centred on insights into
home-ownership and at the same time, allow long period of time. To this effect, we made managing challenges and capitalising on
homeowners to walk-away with valuable yet good progress in creating environments opportunities throughout 2018.
meaningful prizes including three brand new that support the growth of our residents’
Toyota vehicles. Cognisant that people are overall well-being as we continued to listen, • Yoga Workshops
differently motivated at different moments understand and respond to consumer needs At Tropicana, we believe it is important to
in their life stages, we offered a wide range and market trends. create living spaces and environments that
of properties for all types of purchasers, enhance the overall health and well-being
including first-time home buyers, new From wide open green spaces to of our residents. With this in mind, residents
families, investors and business owners. Held thoughtfully designed homes, these have at Tropicana Gardens were treated to
across eight weeks, the campaign achieved been incorporated across our integrated health and physical wellness talks as well as
record-breaking digital engagement of over developments and townships as we want to yoga and breathing techniques workshops
3.5 million impressions. create enriching spaces where people aspire to help residents remain calm despite their
to live with their families for the long-term. busy lifestyles. Yoga sessions were also
hosted over several weekends at Tropicana
Aman.

• Pets Carnival and Bazaar

We understand our residents and customers
always make time to bond with their pets.
Keeping this mind, Tropicana Metropark
hosted our first ever ‘Pets Carnival and
Bazaar’, held over two days and attended
by more than 1,200 pet lovers. Visitors and
their pets at the event enjoyed a variety
of games, managed to have their pets
groomed while some even returned home
with new pets via the pet adoption drive
held during the Carnival.
• Tropicana Bubble Bridge Run

The first-ever ‘Tropicana Bubble Bridge
Run’ was held at Tropicana Metropark in an
effort to cultivate a healthy sporting spirit
amongst friends and families. Set against
the beautiful landscaped parks within the
development, more than 1,600 participants
challenged themselves to the 5km
obstacle race and at the same time, built
closer friendships with their neighbours
as well as those from the surrounding
communities. As an added benefit, the
participants were also given an exclusive
preview of the newly-completed Tropicana
Metropark Link that directly connects the
development to the Federal Highway.
• Sunset Happy Hour

Tropicana Metropark organised the ‘Sunset
Happy Hour’ that allowed resident foodies
and gourmands to mingle and talk about
their passion - food. Throughout the
session, they feasted on a cornucopia of
delectable food and drinks, including fresh
oysters and wine.
• Glow in the Park at Tropicana Aman

In an effort to add colour into the lives of
our residents, Tropicana Aman organised
the ‘Glow in the Park’ event at its 85-acre
Central Park. The Park was lit-up with
dazzling displays of creative art installations,
including LED-lit beetle cars for families to
enjoy. They were also treated to dazzling
displays of fireworks that lit up the night
sky, much to the enjoyment of both adults
and children.
Children enjoying a day out at Dalia Residences, Tropicana Aman, Kota Kemuning

Redefining Living Spaces
The Tropicana brand has been defined by our unique development DNA that is applied at every stage of development. We focused on designing
homes and creating thriving communities within spaces that enrich the lives of our residents and those in the surrounding vicinities.
Tropicana Cheras Link Villas

Total GDV Launched in
RM44.0 million March 2018
Set across 2.91 acres with a GDV of RM44.0 million,

Tropicana Cheras Link Villas (Phase 3) was launched in
March 2018. Consisting of 37 units of three-storey link
villas units, this low-density freehold development comes
with a built-up area ranging from 2,695 to 2,885 square
feet (“sq ft”).
Given its strategic location at Sungai Long, this development

is easily accessible via the SILK Highway, Cheras-Kajang
Highway, East-West Link, Kuala Lumpur Seremban
Highway, Middle Ring Road (MRR2), Besraya Highway, and
the South Klang Valley Expressway. This project has been
well-received by customers.
Ayera Residences at Tropicana Danga Cove

Total GDV Launched in Take up rates
RM124.0 million July 2018 Over 60%
Launched in July 2018, Ayera Residences is the first landed

residential development in Tropicana Danga Cove, Johor.
Consisting of 179 units with a GDV of RM124.0 million,
these two-storey units have been built across 48.39 acres
and surrounded by matured townships.
In terms of connectivity and accessibility, it is just 10

minutes away from the Johor Bahru city centre via the
Eastern Dispersal Link, the Johor Bahru East Coast highway
and the Pasir Gudang Highway. Since its launch in July
2018, this development has received positive take up rates
of over 60%.

W Kuala Lumpur
Opened to public in Occupancy rates
August 2018 More than 90%
On 23 August 2018, W Kuala Lumpur, the first international five-star
hotel owned by Tropicana and the first W-brand hotel in Malaysia
opened its doors to the public. Located within the Kuala Lumpur city
centre, the 150-room W Kuala Lumpur is set to become an iconic
landmark as it is just a few minutes from Petronas Twin Towers and
the city’s commercial district. It was designed by the celebrated
architectural firm of Skidmore, Owings & Merrill, which has won more
awards than any other firm in the world. Their impressive portfolios
include Burj Khalifa Tower, One World Trade Centre, and six of the 12
tallest buildings in the world.
Since W Kuala Lumpur opened its doors in August 2018, we have

received encouraging response with occupancy rates reaching more
than 90%. Given our focus on delivering optimal customer experience,
W Kuala Lumpur has been identified as a key events and dining venue in
the next 12 months. We believe the introduction of W Kuala Lumpur will
further strengthen our financial position and provide steady recurring
income for our growing property investment portfolio.
Delivering Added Value
For us at Tropicana, we do not just build houses. We build homes and living spaces that fulfil the needs of our residents. We strongly abide
by the basic fundamentals of placemaking as our approach takes into consideration the characteristics of the whole area, the surrounding
environment and the impact we make on the community.
Hence, whenever we plan our developments, our end goal is to ensure that our residents have the right amenities, facilities, connectivity and
accessibility as this not only enhances their well-being, but also, increases the value of their homes over the long term.
Tropicana Metropark Link
Our ability to create accessibility and well-connected

developments are one of the many reasons why our
products are consistently in demand.
Defined by our unique Tropicana’s DNA, we made

positive strides to future-proof our homes with the right
infrastructure and amenities. In August 2018, we opened
the highly-anticipated Tropicana Metropark Link which
connects the Federal Highway right to the development’s
doorstep. The RM115.0 million direct link provides ease of
accessibility, convenience and connectivity for residents at
Tropicana Metropark as well as those in the surrounding
communities. With the Tropicana Metropark Link, it has
shortened residents’ commute time by 10 to 15 minutes,
thus improving their overall well-being.

Tenby International School
In September 2018, we opened the doors to Tenby

International School at Kota Kemuning. Covering 10.4
acres, the gross floor area of this school is 242,000 sq ft
and accommodates up to 1,770 students. The international
school offers programmes for students aged three to 18
years old, covering International Primary Curriculum,
National Curriculum for England, IGCSEs and A-Level
programme.
We believe that the introduction of Tenby International

School, alongside the other two schools in our portfolio,
St. Joseph’s Institution International School Malaysia
(Tropicana PJ Campus) at Tropicana Indah Resort Homes
and GEMS International School at Tropicana Metropark
will provide holistic learning opportunities for the children
and in turn, create thriving communities within our
developments.
Awards home Best High-Rise Development at the has also been disrupted with the advent of
Asia Pacific Property Awards 2018 for The digital technology as it is not only effective
During the year under review, Tropicana Residences. and efficient, but also empowers residents to
walked away with several key industry awards make more informed decisions. This in turn
namely the highly coveted People’s Choice Gearing for Future Growth has created more connected, responsive
Award 2018 by iProperty.com Malaysia, communities and optimises the use of
came in ninth position at The Edge Malaysia We believe that the global economic outlook resources.
Property Excellence Awards 2018 and once will remain volatile and as such, may impact
again won top honours at the BCI Asia Awards Malaysia’s GDP growth, which is expected Recognising that technology continues to
2018 for the seventh consecutive time. to be lower at 4.6% in 2019 compared to remap the way we live and work, we are
the 4.7% registered in 2018. For the property expected to roll out the most comprehensive
Tropicana’s long-standing experience market, 2018 proved to be challenging as developer app, known as the Tropicana 360°
in the industry and ability to understand most customers continued to take a cautious app in the next 12 months. The app allows
consumer needs saw us winning five approach towards the sector following the potential purchasers and even residents to
key awards, mainly the All-Star Award 14th General Elections and the introduction of gain knowledge on our various developments
(Tropicana Corporation); Just - Walk Award the National Housing Policy 2018 - 2025. and new launches, purchase their property
- Best Integrated Development (Tropicana with ease and shop online for exclusive
Gardens); Cornerstone Award - Best Landed Moving forward, we will capitalise on key furnishing deals. For residents, they will have
Development (Dalia Residences at Tropicana growth themes at Tropicana’s townships access to the latest information, community
Aman); Niche & Unique Award - Best Boutique in key suburban areas. We will continue to updates, submit home defects digitally and
Development (Tropicana 218 Macalister) and harness our competitive advantage and core even monitor the rectification works.
the Small is Big Award - Best Small Home competencies in order to leverage on growth
Development (Tropicana Bay Residences). opportunities. We have continuously adapted to changing
demands to ensure our strategically-located
2018 also proved to be a year where our In the last few years, technology has properties remain relevant to evolving trends.
ability in the area of designing world-class impacted businesses, consumer habits and In this regard, we will also continue to
development was recognised as we took spending patterns. The property market focus on developing landed and integrated

developments with 3S technology, which portfolio and boost recurring income stream. Non-Executive Director), both appointed
is essentially Smart, Secure and Sustainable Built at our integrated development known on 1 August 2018; Datuk Wira Lye Ek Seang
technology that encourages connected living. as Tropicana 218 Macalister, this also marks (Independent Non-Executive Director),
Currently, Dalia Residences at Tropicana Courtyard’s first entry into Malaysia. appointed on 9 November 2018;
Aman fully utilises this 3S technology. and Madam Alice Dora Boucher
Protecting Shareholder Value (Independent Non-Executive Director)
We have worked hard to position our business appointed on 26 February 2019.
for future growth. We believe that there are Although we adopted a cautious stance given
still opportunities to be realised, more so the soft market conditions and consumers’ We would also like to thank Tan Sri
for attractively priced properties at prime “wait-and-see” approach, we continued Othman who served as Chairman of
locations. In this regard, we anticipate the to drive financial and non-financial Tropicana from 21 August 2017 to 1 June
growth of more diverse, quality architectural performance. Throughout the year in review, 2018; and Mr Dillon Tan Yong Chin,
designs given the changing lifestyle needs and we demonstrated our ability to prudently who served as Executive Director from
aspirations of communities of the future. This manage costs through various cost-saving 21 May 2013 to 1 July 2018, for their significant
would mean more mixed-used communities, initiatives and realigned our growth strategies contribution to the growth of Tropicana.
neo-traditional designs and neighbourhoods. to suit the changing market environment.
Appreciation
We are on target to launch new phases at Leveraging on our strengths, we made
our signature developments such as the good progress on revitalising our portfolio, I would like to thank our Board of Directors
second phase of shop offices, Triana, and increasing the quality of our developments, and Senior Management team for their
two residential phases including a phase creating added value and built a strong valuable counsel and guidance throughout
under the Tropicana Urban Homes collection pipeline of future projects. We also increased the year in review. To our loyal employees,
at Tropicana Aman, Kota Kemuning; the our land bank size and built stronger business partners, business associates,
fourth landed residential phase, Lakefield relationships with our residents throughout stakeholders and shareholders, I would like
Residences at Tropicana Heights, Kajang; a our communities. We believe we are well to thank you for your commitment and
mixed development comprising retail lots and placed and confident of our ability to drive dedication in creating a stronger Tropicana
serviced apartments at Tropicana Metropark, stronger performance and deliver sustainable brand that we have today.
Subang Jaya; a new phase of serviced long-term value to our shareholders.
apartments and SOHOs at Tropicana Gardens, Moving forward, we are confident that despite
Kota Damansara; as well as condominiums at New Board Members the cyclical nature of the industry, there will
Jalan Harapan, Petaling Jaya. be a period of consolidation which will lead
Tropicana congratulates Tan Sri Dr Lim to the confidence returning to the markets.
With the increase in our new land bank Wee Chai who has been re-designated Towards this end, we remain focused on
size, we believe we are moving in the right to Non-Executive Chairman from Non- charting meaningful progress, strengthening
direction as we gear up towards a more Executive Vice Chairman while Tropicana’s our position in the industry and creating
buoyant property market outlook given the founder, Tan Sri Dato’ Tan Chee Sing returned long-term sustainable value to our
clear signs that property prices at strategic to the Board as Group Executive Vice stakeholders.
locations remain stable, introduction of Chairman, both effective 24 January 2019.
innovative market offerings and more
transparent policies to encourage home The appointment of these two outstanding
ownership. To spur further growth and chart leaders and successful entrepreneurs bodes Dato’ Dickson Tan Yong Loong
new opportunities, we will launch new mixed well for the future growth of our Group as it Deputy Group Chief Executive Officer
development masterplans at our 112-acre allows us to tap into their experience for our
land in Genting and 329.1-acre land in Johor, continued development.
both with a GDV of RM16.8 billion and RM4.3
billion respectively. In addition to the above, we also welcome
five new Board members namely, Encik
Following the successful launch of W Kuala Hafez Mohd Hashim bin Razman Md
Lumpur in 2018, plan has also been put Hashim (Independent Non-Executive
in place to launch our second hotel, the Director), appointed on 1 July 2018;
199-room Courtyard by Marriott in Penang to Mr Yeow Wai Siaw (Group Chief Executive
further strengthen our investment holdings Officer) and Mr Loh Chen Peng (Independent

PERFORMANCE AT
A GLANCE
Segmental Revenue Segmental Operating Profits

2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Property Development and Property Management 1,443,242 1,644,780 284,089 276,131

Property Investment and Resort 98,317 73,700 43,936 28,123
Investment Holding and Others 93,912 96,294 (7,794) (25,826)
1,635,471 1,814,774 320,231 278,428
SEGMENTAL REVENUE
2018 2017
Property Development Property Investment Investment Holding

and Property Management and Resort & Others
2018
1,635,471
2017
1,443,242
1,644,780
1,814,774
96,294
93,912
98,317
73,700
SEGMENTAL OPERATING PROFITS
2018 2017
Property Development Property Investment Investment Holding

and Property Management and Resort & Others
2018
320,231
2017
284,089
276,131
43,936
28,123
278,428
(25,826)
(7,794)

PERFORMANCE AT A GLANCE
2018 2017 2016 2015 2014
Revenue (RM’000) 1,635,471 1,814,774 1,459,405 1,351,704 1,972,358

Profit after tax and minority interests (RM’000) 170,029 180,887 112,537 223,302 333,936
Total assets (RM’000) 8,094,816 7,468,338 7,163,674 6,740,964 7,214,996
Shareholders’ equity (RM’000) 3,403,670 3,275,482 3,105,343 3,086,822 2,932,969
Earnings per share (sen) (basic) 11.65 12.44 7.87 15.53 24.85
Net assets per share (RM) 2.31 2.23 2.15 2.15 2.14
REVENUE PROFIT AFTER TAX AND TOTAL ASSETS

(RM’000) MINORITY INTERESTS (RM’000)
(RM’000)
8,094,816
1,635,471
6,740,964
7,468,338
1,459,405
1,972,358
7,214,996
1,351,704
1,814,774
7,163,674
170,029
223,302
180,887
333,936
112,537
‘18 ‘17 ‘16 ‘15 ‘14 ‘18 ‘17 ‘16 ‘15 ‘14 ‘18 ‘17 ‘16 ‘15 ‘14
SHAREHOLDERS’ EQUITY EARNINGS PER SHARE NET ASSETS PER SHARE

(RM’000) (SEN) (BASIC) (RM)
3,403,670
3,086,822
3,275,482
2,932,969
3,105,343
11.65
24.85
12.44
15.53
2.31
2.23
2.15
2.15
2.14
7.87
‘18 ‘17 ‘16 ‘15 ‘14 ‘18 ‘17 ‘16 ‘15 ‘14 ‘18 ‘17 ‘16 ‘15 ‘14

FINANCIAL
HIGHLIGHTS & INSIGHTS
Key Financial Highlights for Financial Year Ended 31 December 2018
• Total sales RM697.4 million and high unbilled sales of RM827.2 million
• Net gearing increased from 0.28x (2017) to 0.29x (2018)
Group Financial Review
RM’000 2018 2017

Revenue 1,635,471 1,814,774
Profit before tax (“PBT”) 320,231 278,428
Profit attributable to owners of the parent (“PATMI”) 179,812 189,689
The Group achieved total sales of development properties of RM697.4 million for the fiscal year 2018. The strong sales performance has
sustained the Group’s unbilled sales at RM827.2 million, where such unbilled sales level places the Group in a comfortable position to deliver
sustainable earnings performance in the current year.
The Group’s revenue in the full financial year (“FY”) ended 31 December 2018 stood at RM1.64 billion compared to RM1.81 billion in FY2017.
The performance was in line with expectations with revenue contribution driven by steady construction progress from the Group’s on-going
developments.
For the current year under review, the Group’s PBT increased to RM320.2 million from RM278.4 million in FY2017, whilst net profit attributable
to owners of the parent in FY2018 was RM179.8 million compared to RM189.7 million in FY2017. The higher PBT was mainly attributable to
higher gross profit margins resulting from cost savings for a few on-going development projects. Besides that, the Group has recognised a
gain of RM24.4 million on the disposal of a joint venture.
The Group PATMI was contributed by strong performance in the Property Development segment of our on-going development projects.
With unbilled sales of RM827.2 million and strategic approaches to unlock the value of 1,088 acres of prime land with potential gross
development value in excess of RM46.1 billion, the Group is expected to be on track to register positive earnings in FY19.
In FY19, Tropicana’s strategy will remain market driven and adapted to market demands while focusing on unlocking value of its sizeable land
bank in strategic locations in Klang Valley, Genting and Southern Regions. Coupled with the Group’s relentless efforts in delivering exceptional
values to its customers and convincing track record, Tropicana remains well positioned to deliver sustainable growth.
The Group plans to introduce new developments and phases within the existing and new signature Tropicana townships amounting to a GDV
of more than RM3.2 billion. Within Klang Valley are the second phases of shop offices, Triana, and two residential phases including a phase
under the Tropicana Urban Homes collection at Tropicana Aman, Kota Kemuning; the fourth landed residential phase, Lakefield Residences at
Tropicana Heights, Kajang; a mixed development comprising retail lots and serviced apartments at Tropicana Metropark, Subang Jaya; a new
phase of serviced apartments and SOHOs at Tropicana Gardens, Kota Damansara; as well as condominiums at Jalan Harapan, Petaling Jaya.
Aside from the Central Region, other launches include landed homes, Ayera Residences at Tropicana Danga Cove and the first landed
residential phase at Tropicana Sanctuary, both of which are located in Johor in the Southern Region. Tropicana will also launch its maiden
development at Genting which is a well patronised hill resort, towards the fourth quarter of 2019.
Detailed analysis of the various business segments are as follows:
Property Development & Property Management

The Group revenue from the property development and property management segments decreased by 12.3% or RM201.6 million to RM1,443.2
million from RM1,644.8 million in FY17. The segmental operating profit was higher by 2.9% or RM8.0 million to RM284.1 million from RM276.1
million in FY17. The higher performance was contributed by higher profit recognition and cost savings across key projects within the Klang
Valley and Southern Region such as Tropicana Aman in Kota Kemuning, Tropicana Metropark in Subang Jaya, Tropicana Gardens in Kota
Damansara and Tropicana Danga Bay in Johor.

FINANCIAL HIGHLIGHTS & INSIGHTS
Property Investment, Recreation & Resort

The Group revenue from property investment, recreation & resort segment recorded at RM98.3 million as compared to RM73.7 million in FY17,
which increased by RM24.6 million or 33.4%. The segmental profit was 56.2% higher at RM43.9 million compared to RM28.1 million in FY17.
The higher segmental profit was attributed to more efficient allocation of costs which led to a decrease in other operating expenses from
various investment properties of RM11.0 million during the financial year.
Overall, the earnings from this segment continue to remain at sustainable levels through recurring incomes of its investment properties.
Investment Holdings & Others

The Group revenue from this segment stood at RM93.9 million in FY18 as compared to RM96.3 million in FY17; a decrease of RM2.4 million or
2.5%. The revenue from this segment continues to remain at sustainable levels which are contributed from a few subsidiaries namely Tropicana
Building Materials Sdn. Bhd., Tropicana Innovative Landscape Sdn. Bhd and Tropicana SJII Education Management Sdn. Bhd..
Group Capital Structure
RM’000 FY2018 FY2017

Shareholders’ Funds 3,403,670 3,275,482
Gross Borrowings 1,956,185 1,847,774
Cash and Bank Balances 975,774 941,410
Net Borrowing 980,411 906,364
Gross Gearing ratio 0.57 0.56
Net Gearing ratio 0.29 0.28
Net Assets Per Shares (RM) 2.31 2.23
The shareholders’ equity of the Group improved by 3.9% or RM128.2 million to RM3,403.7 million as at 31 December 2018. The improvement
was mainly due to better operational performance and higher retention of the current profit.
The Group’s financial position remained strong with an increase in cash and bank balances of RM34.4 million from RM941.4 million in FY2017
to RM975.8 million in FY2018. The gross gearing and net gearing of the Group at the end of December 2018 were at approximately similar
levels to 31 December 2017 being 0.57x (2017: 0.56x) and 0.29x (2017: 0.28x) respectively.
The Group is expected to continue its satisfactory performance in year 2019 amid a more challenging business environment driven by the
momentum created from the Group’s stellar performance in FY2018 and the various pipelines of on-going projects. While prospects for the
property sector remains challenging in the short-term, the Group believes that there will still be demand for properties in prime locations that
have accessibility to superb amenities and competitive pricing.

VALUE
ADDED STATEMENT
2018 2017
RM’000 RM’000
Value Added
Total turnover 1,635,471 1,814,774
Purchases of goods and services (1,094,366) (1,371,818)
Value Added by the Group 541,105 442,956
Share of results of associate 546 (1,121)
Share of results of joint ventures 419 24,958
Total Value Added 542,070 466,793
Reconciliation:
Profit for the year 170,029 180,887
Add: Depreciation and amortisation 24,364 23,715
Finance costs 66,855 62,478
Staff costs 130,620 102,172
Taxation 140,400 88,704
Non-controlling interests 9,802 8,837
Total Value Added 542,070 466,793
Value Distributed
Employees
Salaries and other staff costs 130,620 102,172
Government
Corporate taxation 140,400 88,704
Providers of capital
Dividends 23,420 46,533
Reinvestment and growth
Depreciation and amortisation 24,364 23,715
Income retained by the Group 146,609 134,354
Total Distributed 542,070 466,793

INVESTOR
RELATIONS
a more comprehensive assessment of our

overall performance. We believe that these
efforts are important as it demonstrates our
ability to honour our responsibilities as well
as promote accountability, transparency and
integrity.
The Tropicana IR team also maintains the

Group’s IR page on the corporate website
for easy data dissemination as well as an
avenue to engage with shareholders and
stakeholders on a regular basis. Through
this site, the general public would have easy
access to the Group’s financial results, annual
reports, Bursa Malaysia announcements and
much more. Additionally, we work closely
with the relevant departments to issue media
statements as well as engage with the media
on important updates.
Tropicana is a member of the Malaysian

Investor Relations Association (“MIRA”) as
Tropicana senior management strengthening ties with analyst and investors throughout the year this keeps us updated on current industry
best practices and at the same time, maintain
Strengthening Investor Confidence relationships with the investing community
through regular conversations.
In a market with rapidly evolving dynamics, we understand that we are moving into an era
Contact our IR Team
with an increasing focus on accountability, transparency and integrity. While FY2018 proved
to be a challenging year in the overall market environment, we continued to focus our efforts
Analysts, current and potential investors
on building a sustainable business growth to realise long-term shareholder value.
who have any questions or would like to
provide feedback on the Company are
Guided by the Malaysian Code on Corporate Governance, the Investor Relations (“IR”) team
encouraged to contact our IR Team:
at Tropicana developed a strategic IR programme to keep our loyal shareholders, the financial
and investing community as well as other stakeholders abreast of our strategies, values,
best practices, performance, key activities and future plans through open and transparent Email:
communication. We do this on a continuous basis to strengthen shareholders and stakeholders ir@tropicanacorp.com.my
understanding and confidence in our business strategies and growth.
Tel:
Throughout 2018, we engaged with our shareholders, stakeholders, fund managers +603 7710 1018
and financial analysts via multiple platforms, namely briefings, one-on-one meetings,
investor-related events and media presentations. We listened to their feedback, expectations Fax:
and held constructive dialogues to help them understand our short as well as long-term +603 7725 5392
strategies.
For latest updates on the Company,
During the year under review, Tropicana held two face-to-face 2018 Analysts Group Meetings shareholders and interested parties
for the second quarter and fourth quarter results performance on 6 September 2018 and are also encouraged to access the
19 March 2019, respectively. The Annual General Meeting was held on 30 May 2018 where it Tropicana corporate website at
served as a platform to share updates as well as to address any concerns from our shareholders. www.tropicanacorp.com.my as well as
through the Bursa Malaysia Securities
Cognisant of the changing media landscape and the proliferation of information, Tropicana website, www.bursamalaysia.com.
also organised site visits to help analysts better understand the Group’s overall business
goals, industry trends, products as well as giving them the opportunity to be able to make

QUALITY
ASSURANCE
Guided by our quality philosophy, the following areas are continuously looked into to ensure
T
hroughout the years, standards are met and complied with:
• Effectiveness of the Quality Management System to meet customers’ expectations;
Tropicana has built a
• Ensure Tropicana’s Quality Management System is in compliance with statutory, regulatory
strong reputation of and MS ISO 9001 requirements;
introducing quality • Enhance skills and knowledge of Tropicana staff through continuous coaching and training;
products and services. To and
• Ensure a safe, healthy and conducive work environment at all times.
achieve this, we work hard to
sustain high quality standards Continuous Improvement Processes
as this is a key prerequisite
in achieving total customer To ensure our quality levels are at par with industry standards, we have taken a
whole-of-organisation approach to indentify and eliminate issues.
satisfaction. In fact, our
ability to consistently deliver
excellent quality products AUDIT IDENTIFY
OPPORTUNITIES
and services has helped us
FOR IMPROVEMENT
strengthen our competitive
advantage, which in turn
reinforced our position as a
premier quality developer in
Malaysia. IMPROVEMENT
CYCLE
In the property development
industry, consistent quality
is about paying attention
to the smallest details
MONITOR
and ensuring customer RESULTS
IMPLEMENT
CHANGES
expectations are met. Today,
quality management is
an indispensable factor at
Quality Management System
Tropicana and as such, we
ensure that every department, Based on our unceasing commitment towards enhancing quality standards, Tropicana has
unit and division pays close successfully certified its Quality Management System (“QMS”) to the latest ISO 9001:2015
requirements. With this in place, there is greater emphasis on Risk Controls to ensure our
attention to continuous
deliverables are in line with regulatory quality standards to meet both internal and external
improvement as this allows customer requirements and expectations.
the Group to work more
efficiently, effectively and All QMS manuals and procedures have been made easily accessible for all employees across
all departments and levels to help them enhance their knowledge base with the advances
be well-positioned to
made in this area. Aside from this, employees are also required to undertake the required
take advantage of new Quality Awareness training programme introduced by the QA department.
opportunities. In this respect,
all operating units have in Internal Quality Audit
place standardised, well-
Cognisant that managing business today has become more complex given the broader
documented internal controls business ecosystem, Tropicana pays close attention to its Internal Quality Audit processes and
policies and processes that procedures. In this regard, Internal Quality Audit has emerged as a fundamental component
undergo regular reviews and of our business as it verifies the suitability and effectiveness of our current systems. It is used
to evaluate our current processes, identify areas for improvement and cost-effective solutions
improvements.
that will add value to Group operation standards.

QUALITY ASSURANCE
Customer Satisfaction Survey Product Quality
Sustaining service excellence is essential as this generates customer To ensure we adhere to quality standards, all our product monitoring
loyalty and strengthens brand reputation, which in turn has a strong and reviews are done based on QLASSIC and CIDB Malaysia
impact on business growth. We are also aware that achieving total specifications. In areas that do not meet the required benchmarks,
customer satisfaction is even more important today given the rapid continuous analysis is carried out to improve performance, either in
adoption of digital technology, changing customer behaviour and terms of utility or capacity upgrades.
increasing competition.
During the year in review, more than 10 of quality assessments were
To ensure we remain competitive and sustain quality standards, one conducted at structural, architectural as well as mechanical and
of the channels used is via Customer Satisfaction Surveys (“CSS”) for electrical (“M&E”) works stages. In addition to this, we also performed
every vacant possession as this helps us obtain customer feedback, in-progress and final architectural assessments with the respective
insights and evaluate future improvements. The CSS conducted is teams to ensure the work done was in compliance with specified
based on the following five key areas: quality levels.
For FY2018, training programmes that promoted self-assessment

practices were held to reinforce and enhance the knowledge-base
and skill sets of our employees, contractors, consultants as well as
ENVIRONMENT DEVELOPMENT DESIGN other service providers.
& COMMUNITY CONCEPT QUALITY
Product Quality Assessment
Projects in Tropicana are subjected to Independent quality

assessments by QLASSIC quality standards.
MATERIAL WORKMANSHIP Latest assessed projects by CIDB (QLASSIC) are as follows:
QUALITY QUALITY • Cyperus at Tropicana Gardens, Kota Damansara Score: 76.00%
• Ridgefield at Tropicana Heights, Kajang Score: 82.00%
• Arahsia at Tropicana Aman, Kota Kemuning Score: 80.00%
• Bayan at Tropicana Aman, Kota Kemuning Score: 77.00%
Control of Outsourced Services
* QLASSIC score for Tropicana Heights is an average of score obtained by
two contractors with the score of 81% and 82%
As part of our efforts to ensure end-to-end service excellence, we
also enforce a high level of control of outsourced services. The scope
of these controlled outsourced services are as follows:
• Consultancy services;
• Construction works; and
• Materials procurement/Supply services.
These outsourced services were reviewed annually to ensure

products, services as well as workmanship met both internal and
customer expectations. In addition, several other initiatives such as
regular discussions, quarterly performance evaluations as well as
Quality Benchmark Training sessions were held during the year in
review.
Ridgefield Residences at Tropicana Heights, Kajang

TROPICANA GARDENS
(KOTA DAMANSARA)
Tropicana Gardens is the first-of-its-kind integrated
development, served by the elevated Surian MRT station. The
development comprises four residential towers, designer
office blocks and Tropicana’s flagship mall, all nestled within
terraced gardens, beautiful green landscapes and sparkling
water features and a GBI-certified development that allows its
residents to experience a balanced, healthier lifestyle.
www.tropicanagardens.com.my
Con n e c
ESTABLISHING SEAMLESS
tivity
DIRECTOR’S
PROFILE
Age:
61
Gender:
Male
Nationality:
Malaysian
Total Board meetings

attended:
6/6
TAN SRI DR LIM WEE CHAI

Chairman, Non-Independent Non-Executive Director
On 24 October 2017, Tan Sri Dr Lim Wee Chai was appointed as Deputy 2017/18. He is a Director and Board Member of Employees Provident
Chairman, Non-Independent Non-Executive Director of Tropicana. Fund, Honorary President of The Associated Chinese Chambers of
On 24 January 2019, he was re-designated as the Chairman of Commerce and Industry of Malaysia (“ACCCIM”), Honorary President
Tropicana. He is a member of the Investment Committee of Tropicana. of the Malaysia China Chamber of Commerce (“MCCC”), Honorary
President of The Kuala Lumpur and Selangor Chinese Chamber of
Tan Sri Dr Lim graduated with a Bachelor of Science Degree with Commerce and Industry (“KLSCCCI”), Life Honorary Advisor of the
Honours in Physics from University of Malaya in 1982, Malaysia, Federation of Chinese Association Malaysia (Huazong), Life Honorary
Master of Business Administration from Sul Ross State University President of the Federation of Hokkien Associations of Malaysia and
in 1985, Texas, United States of America, and PhD in Management Honorary Advisor of the Lim Association of Malaysia.
from University of Selangor in 2015, Malaysia. He was conferred an
Honorary Doctorate in Business Administration by Oklahoma City Tan Sri Dr Lim has been actively involved in many associations and
University, United States of America in 2016 and Honorary Doctorate organisations in Malaysia. He was a Director of the University of
in Entrepreneurship by Management and Science University, Malaysia Malaya from 2015 to 2018. In addition, he served as the President of
in 2018. the Malaysian Rubber Glove Manufacturers Association (“MARGMA”)
from 1997 to 1999, Director of the Association of Malaysia Medical
Tan Sri Dr Lim is presently the Executive Chairman and Founder of Industries (“AMMI”), Board Member of the Malaysia Rubber Board from
Top Glove Corporation Bhd, the world’s largest manufacturer of 1998 to 1999 and Council Member of the East Asia Business Council
gloves, a public company listed on the Main Market of Bursa Malaysia (“EABC”) from 2011 to 2015.
in 2001 and the Main Board of Singapore Exchange in 2016. He is
the chairman and founder of Top Glove Foundation, the company’s Tan Sri Dr Lim does not have any family relationship with any Directors
philanthropic arm. and/or major shareholders of Tropicana, or any conflict of interest
with Tropicana.
Tan Sri Dr Lim is a Council Member and immediate Past President of
the Federation of Malaysian Manufacturers (“FMM”) having served in

DIRECTOR’S PROFILE
Age:
64
Gender:
Male
Nationality:
Malaysian
Total Board meetings

attended:
0/0
TAN SRI DATO’ TAN CHEE SING

Group Executive Vice Chairman
On 24 January 2019, Tan Sri Dato’ Tan Chee Sing was appointed as the He is currently the Group Executive Vice Chairman of Tropicana Golf
Group Executive Vice Chairman of Tropicana. & Country Resort Berhad (a wholly-owned subsidiary of Tropicana)
and the Deputy Chairman of the Tropicana Foundation.
Tan Sri Dato’ Tan Chee Sing was the founder of Tropicana. He was
previously appointed as Chairman and the Group Chief Executive Tan Sri Dato’ Tan Chee Sing’s son, Dato’ Dickson Tan Yong Loong
Officer of Tropicana on 5 July 1995. On 7 January 2013, he relinquished and Mr Dion Tan Yong Chien, are the Deputy Group Chief Executive
from his position as the Group Chief Executive Officer and was Officer and Group Managing Director of Tropicana respectively. Save
re-designated as the Group Executive Vice Chairman of Tropicana. as disclosed, he does not have any family relationship with any other
He resigned as the Group Executive Vice Chairman and Director of Directors and/or major shareholders of Tropicana, nor any conflict of
Tropicana on 18 June 2015 and served as the advisor of Tropicana interest with Tropicana.
until he assumed his current position on 24 January 2019.
Tan Sri Dato’ Tan Chee Sing did not attend any Board meeting held in
Tan Sri Dato’ Tan is a businessman and entrepreneur having a wide the financial year as his appointment was after the financial year.
spectrum of businesses with extensive experience in property
development, resort management, restaurants and leisure through his
investments in public and private limited corporations.

YEOW WAI SIAW DATO’ DICKSON TAN YONG LOONG

Group Chief Executive Officer Deputy Group Chief Executive Officer
Aged 54, Male, Malaysian Aged 38, Male, Malaysian
Total Board meetings attended: 2/2 Total Board meetings attended: 6/6
On 28 May 2018, Yeow Wai Siaw was appointed as the Group Chief On 20 May 2009, Dato’ Dickson Tan Yong Loong was appointed to the
Executive Officer of Tropicana. Subsequently, he was appointed to Board of Tropicana. He is currently the Deputy Group Chief Executive
the Board of Tropicana on 1 August 2018. He is a member of the Officer of Tropicana. He is a member of the Investment Committee,
Investment Committee and Pricing Committee of Tropicana. Risk Management Committee, Pricing Committee and Remuneration
Committee of Tropicana.
He holds an MBA in Finance with distinction from the University of
Hull, United Kingdom in 1997, a Mini-MBA from INSEAD in 1999 and Dato’ Dickson Tan graduated with a Bachelor of Science (Honours)
a Bachelor of Industrial and Mechanical Engineering with First Class in Business Management from King’s College, University of London,
Honour from the University Technology of Malaysia in 1989. United Kingdom in 2002. He obtained a Master of Science in Internal
Auditing and Management from Cass Business School, City University,
Mr Yeow has more than 20 years of working experience and has held United Kingdom in 2003.
various key positions mainly in manufacturing and real estate industry
companies in Malaysia (listed/non-listed). Mr Yeow has also served as He joined Tropicana as Business Development Manager in 2005 and
a consultant in McKinsey & Company. Mr Yeow was formerly a Non- has been promoted to several senior management positions prior
Independent Non-Executive Director of Hafary Holdings Limited from to his current position. He presently oversees the group corporate
2015 to 2017, and the Managing Director and Executive Director of strategy, marketing, planning and risk management of Tropicana.
GuocoLand (Malaysia) Bhd from 2010 to 2012.
He serves on the board of Tropicana Golf & Country Resort Berhad
Mr Yeow does not have any family relationship with any Directors and/ (a wholly-owned subsidiary of Tropicana) and several other local
or major shareholders of Tropicana, nor any conflict of interest with and international private limited companies involved in investment
Tropicana. holding, services, media, leisure and retail. Dato’ Dickson Tan was a
Non-Independent Non-Executive Director of Berjaya Corporation
Berhad and Berjaya Land Berhad from 2011 to 2016, Berjaya Assets
Berhad from 2012 to 2016 and Berjaya Sports Toto Berhad from 2011
to 2017.
Dato’ Dickson Tan is affiliated with certain non-profit organisations,

including as the trustee of the Tropicana Foundation, a member
of the Kuala Lumpur Business Club and the Malaysian Institute of
Management. Dato’ Dickson Tan has no directorship in other public
companies in Malaysia.
His father, Tan Sri Dato’ Tan Chee Sing, is the Group Executive Vice
Chairman and a major shareholder of Tropicana. His brother, Mr Dion
Tan Yong Chien, is Group Managing Director of Tropicana. Save as
disclosed, he does not have any family relationship with any other
Directors and/or major shareholders of Tropicana, nor any conflict of
interest with Tropicana.
DION TAN YONG CHIEN DATUK MICHAEL TANG VEE MUN

Group Managing Director Non-Independent Non-Executive Director
On 18 June 2015, Dion Tan Yong Chien was appointed to the Board On 13 November 2009, Datuk Michael Tang Vee Mun was appointed
of Tropicana as an Executive Director. On 2 October 2017, he was to the Board of Tropicana as Independent Non-Executive Director.
re-designated as Group Managing Director of Tropicana. He is a On 13 November 2018, he was re-designated as Non-Independent
member of the Investment Committee, Risk Management Committee Non-Executive Director upon attainment of his nine (9) years term as
and Pricing Committee of Tropicana. an independent director pursuant to Practice 4.2 of Malaysian Code
of Corporate Governance. He is the Chairman of the Investment
Mr Dion Tan graduated with a Bachelor of Science in Information Committee and Remuneration Committee. He is also a member
Management for Business from University College London, United of Nomination Committee and Risk Management Committee of
Kingdom in 2011. He obtained a Master of Science in Management Tropicana.
with Information Systems and Innovation from London School of
Economics, United Kingdom in 2012. Datuk Michael graduated with a Bachelor of Laws (Honours) degree
from the London School of Economics and Political Science, University
Mr Dion Tan was with Accenture, a global management and of London and was admitted as a Barrister-at-Law of the Honourable
technology consulting firm, as a strategy consultant with experience Society of Lincoln’s Inn, London.
in telecommunications, media and property sector.
He is the principal of Mettiz Capital Limited, a private equity and
Mr Dion Tan sits on the Board of Tropicana Golf & Country Resort alternative investments firm.
Berhad (a wholly-owned subsidiary of Tropicana) as well as several
private limited companies locally. He is also the trustee of Tropicana Datuk Michael has significant experience in corporate and financial
Foundation. matters spanning across various asset classes including real estate,
natural resources, energy, healthcare, technology and manufacturing.
His father, Tan Sri Dato’ Tan Chee Sing, is the Group Executive Vice He commenced his career as a legal practitioner and was previously a
Chairman and major shareholder of Tropicana. His brother, Dato’ partner of one of the oldest and largest law firms in Malaysia.
Dickson Tan Yong Loong, is the Deputy Group Chief Executive
Officer of Tropicana. Save as disclosed, he does not have any family Beyond the business sphere, he is a founding trustee of 1Malaysia
relationship with any other Directors and/ or major shareholders of Community Alliance Foundation, a charitable entity dedicated to crisis
Tropicana, nor any conflict of interest with Tropicana. relief and community services and the Gold Coast Dharma Realm in
Australia.
He was conferred the ‘Panglima Jasa Negara’ by His Majesty the

Yang Di-Pertuan Agong in 2015 in recognition of his service and
contribution to the country. Datuk Michael has no directorship in
other public companies in Malaysia.
Datuk Michael does not have any family relationship with any Directors
and/or major shareholders of Tropicana, nor any conflict of interest
with Tropicana.

MOHD NAJIB BIN ABDUL AZIZ HAFEZ MOHD HASHIM BIN RAZMAN MD HASHIM
Independent Non-Executive Director Independent Non-Executive Director
On 13 July 2016, Mohd Najib Bin Abdul Aziz was appointed to the On 1 July 2018, Hafez Mohd Hashim Bin Razman Md Hashim was
Board of Tropicana. He is the Chairman of the Audit Committee appointed to the Board of Tropicana. He is the Chairman of the Risk
and Pricing Committee. He is also a member of the Nomination Management Committee and a member of the Audit Committee,
Committee of Tropicana. Nomination Committee and Investment Committee of Tropicana.
He is an accountant by profession and graduated with a Bachelor Mr Hafez graduated from Standbridge Earls High School, United
of Commerce (Accounting) Degree from the University of New Kingdom in 1996. He obtained his Advanced Diploma in Multimedia
South Wales, Australia. He is a member of the Institute of Chartered and Mass Communications from Lim Kok Wing University, Kuala
Accountants in Australia (“ICAA”) as well as a member of the Malaysian Lumpur in 2002. Mr Hafez also obtained his Bachelor of Arts (major
Institute of Accountants (“MIA”). in Multimedia) from Victoria University, Melbourne, Australia in 2005.
Mr Mohd Najib was the Assistant Manager of Global Corporate Mr Hafez’s journey as an entrepreneur started at a very young age
Finance in Arthur Andersen & Co. and had held the position of Senior where he dabbled in door-to-door sales selling coupon booklets. He
Consultant with the Corporate Recovery Division of KPMG for three then moved on to set up a humble F&B outlet in Kuala Lumpur. Soon
years in Perth, Western Australia. He was previously an Independent after, he established HMH Group which started with small landscaping
Non-Executive Director of Kumpulan Jetson Berhad, ECM-Avenue jobs, before gaining traction and promptly moving on to acquiring
Securities Sdn Bhd and Alam Flora Sdn Bhd. major facilities management contracts for commercial buildings
around the Klang Valley. HMH Group has since engaged in various
Mr Mohd Najib is currently an Independent Non-Executive Director of industries including outdoor advertising, information technology as
Bina Puri Holdings Berhad and the Managing Director of Corporate- well as food and beverage. Mr Hafez is the founder and Group Chief
Pacific Holdings Sdn Bhd. Executive Officer of HMH Group.
Mr Mohd Najib does not have any family relationship with any Mr Hafez does not have any family relationship with any Directors
Directors and/or major shareholders of Tropicana, nor any conflict of and/or major shareholders of Tropicana, nor any conflict of interest
interest with Tropicana. with Tropicana.

LOH CHEN PENG DATUK WIRA LYE EK SEANG

Independent Non-Executive Director Independent Non-Executive Director
On 1 August 2018, Loh Chen Peng was appointed to the Board On 9 November 2018, Datuk Wira Lye Ek Seang was appointed to
of Tropicana. He is a member of the Audit Committee and Risk the Board of Tropicana. He is the Chairman of the Nomination
Management Committee of Tropicana. Committee and a member of the Remuneration Committee and
Pricing Committee of Tropicana.
Mr Loh is an accountant by profession and a member of the Malaysia
Institute of Certified Public Accountants (“MICPA”). He started his He holds a Bachelor of Science (Hons) degree in Mathematics from
career in 1975 with Deloitte PLT and gained the membership to MICPA. the University of Malaya.
He then joined Arab-Malaysian Merchant Bank Berhad for the next
13 years holding several senior management positions in the areas of Datuk Wira Lye Ek Seang was a Non-Independent Non-Executive
corporate advisory and corporate banking. Thereafter, he had a short Director of Magna Prima Berhad from 2007 to 2009. Subsequently,
stint with Inter-Pacific Securities Sdn Bhd, a stock broking group. He he was appointed as a Deputy Executive Chairman of Ho Hup
served as an Executive Director in a commercial bank, Phileo Allied Construction Company Berhad from 2008 to 2010. He also served
Bank Berhad from 1994 until 2001. He had also served on the Boards as a Non-Executive Director of Minetech Resources Bhd from 2008
of AmBank (M) Berhad, AmInvestment Bank Berhad and AmIslamic to 2014 and a Non-Independent Non-Executive Director of REDtone
Bank Berhad until 2014. International Bhd from 2014 to 2016. Presently, he is an Executive
Director of Berjaya Assets Berhad and trustee of Tropicana Foundation.
Currently, he serves as an Independent Non-Executive Director of He also sits on the board of several private limited companies.
Bermaz Auto Berhad, of which is principally involved in the distribution
and retailing as well as provision of after-sales services of Mazda Datuk Wira Lye Ek Seang does not have any family relationship with
vehicles in Malaysia. any Directors and/or major shareholders of Tropicana, nor any conflict
of interest with Tropicana.
Mr Loh does not have any family relationship with any Directors and/
or major shareholders of Tropicana, nor any conflict of interest with
Tropicana.

ALICE DORA BOUCHER

Independent Non-Executive Director
Aged 61, Female, Malaysian
Total Board meetings attended: 0/0
On 26 February 2019, Alice Dora Boucher was appointed as

Independent and Non-Executive Director of Tropicana.
Madam Alice holds a Bachelor of Economics (2nd Upper) from

University of Malaya.
She started her career in 1981 as officer and Money Market Dealer
in Arab Malaysian Merchant Bank (formerly known as Arab Malaysian
Development Bank) (the “Bank”). In 1984 she moved to the Corporate
Banking Department of the Bank and rose to the level of General
Manager. She was later promoted to Head, Credit Risk Department in
2002 which was responsible for credit analysis and evaluation of the
Bank’s corporate lending activities. From July 2012 till January 2017
she served as Executive Vice President, Managing Director’s Office,
Wholesale Banking.
Madam Alice has no directorship in other public companies in

Malaysia.
Note:
Madam Alice does not have any family relationship with any Directors None of the Directors of Tropicana has any conviction for
and/ or major shareholders of Tropicana, or any conflict of interest offences within the past 5 years (traffic offences excluded from
with Tropicana.
contemplation), and any public sanction or penalty imposed
by the relevant regulatory bodies during the financial year.
Madam Alice did not attend any Board meeting held in the financial
year as her appointment was after the financial year.

SENIOR MANAGEMENT
PROFILE
A Civil Engineer by profession, he graduated He started his career as design consultants

with a Bachelor of Engineering (Hons) Civil in the United Kingdom. He was also involved
Engineering from University of Bristol, United in large scale international projects such
Kingdom. Subsequently, he also holds a as KLIA. In the past, he also pioneered
Master of Business Administration (MBA) regional expansion of property development
from University of Bradford, United Kingdom. to new geographical area. Currently, he
is spearheading the property and resort
He has been involved in property industry development projects in Langkawi and
for the past 29 years. He has held several Genting.
key management positions, among others,
Chief Executive Officer – Group Operations Mr Lee Han Ming does not have any family
(Property & Construction) of Naim Holdings relationship with any Directors and/or major
Bhd, Managing Director, Southern Region shareholders of Tropicana, nor any conflict
of Tropicana Corporation Berhad, Chief of interest with Tropicana.
Executive Officer of Sunway Iskandar
Sdn Bhd.
LEE HAN MING
Group Managing Director,
Project at Tropicana Corporation Berhad
Aged 52, Male, Malaysian
Date of Appointment to Executive Position:

1 August 2018
A Civil Engineer by profession, he graduated Currently, he is in charge of Tropicana

with a Bachelor of Engineering (Hons) Civil Metropark and Group Project Support
Engineering from University of Leeds, United Function Departments.
Kingdom.
Mr Ngian Siew Siong does not have any
He has been involved in property industry family relationship with any Directors and/
for the past 40 years and has held several or major shareholders of Tropicana, nor any
key management positions; among others; conflict of interest with Tropicana.
Managing Director of Sunway City Berhad,
and as advisor to Group Executive Chairman
and Group Managing Director of public listed
property development companies.
He has also served as a National Council

Member in Real Estate & Housing Developer
Association Malaysia, Chairman in Real Estate
NGIAN SIEW SIONG & Housing Developer Association Selangor,
Managing Director, Committee Member in PEMUDA Selangor
Project at Tropicana Corporation Berhad and Director in Lembaga Perumahan &
Aged 67, Male, Malaysian Hartanah Selangor (LPS).

2 January 2018

SENIOR MANAGEMENT PROFILE
A Civil Engineer by profession, he graduated Currently he is in charge of township

with bachelor of Civil Engineering at developments such as Tropicana Aman,
University of Newcastle, Australia. He is a Tropicana Heights and parcel developments
registered engineer with Board of Engineers in Cheras, Petaling Jaya. Beside execution
and Institute of Engineers Malaysia. He has of the projects, he is involved in business
28 years of experience in the property and planning and development for new land.
construction industry. He started his career in
engineering consultancy services at J.K. (SEA) Kelvin Choo does not have any family
Sdn Bhd, followed by HS Liao Sdn Bhd. Later relationship with any Directors and/or major
he moved to Sunway City Berhad where shareholders of Tropicana, nor any conflict of
he started as Senior Project Executive until interest with Tropicana.
general management position as UPCM in
charge of a few townships development with
Sunway Integrated Property.
He has also served in Real Estate & Housing

Developer Association for Selangor holding
KELVIN CHOO YUNG YAU
various portfolio from being Treasurer,
Managing Director,
Chairman of Petaling Jaya, Infrastructure &
Project at Tropicana Corporation Berhad
utilities and planning committee.

1 August 2018
Ms Ung graduated with a Bachelor of Ms Ung joined Tropicana as the Deputy

Commerce from Monash University (Clayton), General Manager of Business Development in
Melbourne, Victoria, Australia in 2001. She September 2013 and has been promoted to
graduated with a double major in Accounting several senior management positions, prior to
and Finance. Ms Ung is a Certified Financial her current position. She presently is in charge
Analyst (CFA) charter holder and a member of Marketing & Sales for Central, Northern and
of the Institute of Chartered Accountants in Southern Region and Business Development.
Australia (ICAA). She has more than 15 years Ms Ung oversees the development of project
of experience in finance, business advisory marketing and sales activities both locally and
and general management. She has held key internationally. With more than a decade of
positions in various multinational companies experience in the property industry, coupled
both locally and abroad. with a strong financial acumen, Ms Ung
plays a leadership role in the development,
Ms Ung started her career at two of the largest implementation and monitoring of a whole-
professional services firms in the world, of-organisation strategy to underpin product
which are known as “Big Four” accounting innovation, service excellence and long-term
UNG LAY TING firms. She has experience and specialisation sustainability.
in assurance and business advisory. Further
Managing Director of Marketing & Sales
and Business Development at developing her international exposure, Ms Ung does not have any family relationship
Tropicana Corporation Berhad Ms Ung served a China-based property with any Directors and/or major shareholders
development company from 2006 onwards. of Tropicana, nor any conflict of interest with
Aged 39, Female, Malaysian
She played a key leadership role in strategic Tropicana.
Date of Appointment to Executive Position: business planning, operational change in
1 February 2018 financial processes and overall development
of internal controls.

SENIOR MANAGEMENT PROFILE
A chartered accountant by profession, he Currently, he is in charge of Tropicana

graduated with a Bachelor of Business Group’s Finance Division, which consists of
(Accounting & Finance) from Deakin Treasury, Group Reporting, Project Finance,
University, Australia. He also holds the Tax, Credit Admin, Risk Management and
status of CPA conferred by CPA Australia, General Admin. Apart from having vast
a mark of high professional competence, a general experience in Finance, Mr Lim’s
registered accountant as well as a chartered experience saw him being project lead in
accountant, Malaysia. numerous corporate exercises, including
takeovers, mergers, demergers, and
He has been in finance for the past 27 years Initial Public Offerings. Mr Lim also has
in various sectors ranging from audit, tax, vast exposure in leading various funding
company secretarial services, as well as the exercises, including issuances and buy backs
plantation and property sectors. He has held of USD and MYR Bonds, corporate ratings,
several key management positions, among structuring corporate debt programs, and
others, Group Financial Controller of IOI general corporate funding.
Corporation Bhd, Chief Financial Officer
LIM LAI SENG of Tradewinds (M) Bhd, Senior Finance Mr Lim Lai Seng does not have any family
Managing Director, Group Finance at personnel of PT Tiara Ari Kencana & Kerry relationship with any Directors and/or major
Tropicana Corporation Berhad Plantation Services Indonesia, Director of PT shareholders of Tropicana, nor any conflict
Pundi Kencana, and Chief Financial Officer of of interest with Tropicana.
Johore Tenggara Oil Palm Bhd.
1 July 2018
Ms Lee graduated with a Bachelor of Business achievements in generating significant cost

Administration from National University of savings via bulk quantity consolidation tender
Malaysia. She is a member of The Malaysian negotiations in her current and previous
Institute of Purchasing and Materials tenures.
Management (MIPMM) and Building Materials
Distributors Association of Malaysia (MBAM). Ms Lee has incorporated and managed
Tropicana Building Materials Sdn. Bhd., an in-
She has been in Procurement, Purchasing house trading company to supply building
and Trading for the past 25 years in materials for all Tropicana projects since 2013.
various industries ranging from Property In 2017, she has setup and managed a One-
Development, Construction, Manufacturing Stop-Supply Center to supply total Interior
(Steel Mill, Building Materials, Electronics Design and renovation package for Tropicana
and more), Food & Beverage, Hospitality, house owners upon vacant possession. In
Retail & Shopping Malls, Gaming & Leisure, addition, she is also overseeing the sourcing
and Healthcare & Agricultural. She has vast for reputable international hoteliers to match
working experience in multi-national and hotel development projects for Tropicana.
public listed companies such as Fujitsu, Lion
Group, Lafarge Roofing and was the Head of Ms Joanne Lee does not have any family
JOANNE LEE Procurement for IGB Berhad, General Manager relationship with any Directors and/or major
Executive Director, Group Procurement at of Nam Fatt Marketing Sdn. Bhd. as well as shareholders of Tropicana, nor any conflict of
Tropicana Corporation Berhad Chief Operations Officer of TT Resources interest with Tropicana.
Aged 49, Female, Malaysian Bhd’s Food & Beverage chains in 2012 & 2013.
Date of Appointment to Executive Position: Setting up and establishing group sourcing

1 December 2013 as well as strategic centralised procurement
hub are her forte. She has shown remarkable
Note:
None of the Senior Management of Tropicana has any conviction for offences within the past 5 years (traffic offences excluded from
contemplation), and any public sanction or penalty imposed by the relevant regulatory bodies during the financial year.

THE RESIDENCES
(KUALA LUMPUR
CITY CENTRE)
The Residences is a 55-storey tower that is located strategically
along Jalan Ampang and is only two minutes from the Petronas
Twin Towers. It redefines luxury living in the Klang Valley with
its modern conveniences, lush landscaping as well as energy
efficient features. Residing on the floors below, the development
also houses the first ever five-star international W Kuala Lumpur
in Malaysia, offering unparalleled bespoke services and amenities.
The Residences was designed by the world-renowned Skidmore,
Owings and Merrill whose impressive portfolio include the Burj
Khalifa Tower and One World Trade Centre.
www.tropicanatheresidences.com
Living
D E S I G N I NG LU X U R I O U S
GROUP CEO STATEMENT FOR

TROPICANA SUSTAINABILITY REPORT FY2018
A
t Tropicana, our commitment to sustainability stems from our core business principles,
especially our emphasis on putting the needs of customers first and operating with the
highest level of integrity.
Our vision is to become a frontrunner in the property industry, Our foremost contribution to sustainable development at the
delivering quality products that enhance both stakeholder value and Group is our undertaking to ensure financial growth through sound
brand reputation. Our Board of Directors and top management play development and procurement strategies. We prioritise local sourcing
an important role in overseeing the overall sustainability initiatives of of materials with the aim of supporting the national economy. We are
the Group in efforts to maintain high standards of governance and proud to report that more than 90% of our procurement are sourced
ethical business practices. from local suppliers and vendors, for the reporting period.
As we embark on our second year of Sustainability Reporting, we We inculcate environmental awareness into our commitment to
seek to continuously improve our performance disclosures to achieve quality assurance and product excellence. Our buildings carry
communicate with our wide stakeholder group. This year, we have the pride and reputation of the Group. Therefore, we believe that
reviewed and updated our materiality matrix to reflect sustainability setting high quality standards along with environmental stewardship
matters that are relevant to our business and stakeholder interests. through sustainable building practices will create a sustainable value
chain that meets stakeholders’ expectations. All Tropicana projects
Our Sustainability Pillars are subjected to an independent quality assessment by QLASSIC to
ensure that we meet the standards as expected by our customers.
We categorised our sustainability efforts into three focus areas; Our achievements have been reflected through the green building
certifications obtained for our projects such as Green Building Index
(GBI) and GreenRe which plays an important role in reducing our
environmental impact.
Social contributions at the Group include investing in developing

Economic the talents and skills of our workforce. This financial year, we have
Contributions increased our investment in training our employees to facilitate long
term value creation at the Group. Additionally, funds were donated
through various acts of charity contributions that are aligned with the
Group’s goal to enhance public access to education and improving
their livelihood.
Social Environmental In the coming years, we look forward to laying the foundation for
Engagement Conscientiousness improved stakeholder engagement that facilitates business excellence
practices that would propel the Group towards a continuous and
healthy growth in the long term.

SUSTAINABILITY
STATEMENT
About This Statement
We are pleased to present our second Sustainability Statement (“this Statement”) for the
financial year ended 31 December 2018.
This Statement serves to transparently communicate with our stakeholders on our

sustainability efforts and initiatives centered on the three key focus areas – Economic
Contributions, Social Engagement and Environmental Conscientiousness.
Reporting Period
This Statement is published annually as part of our Annual Report, which focuses on the sustainability performance and initiatives from
1 January 2018 to 31 December 2018, unless otherwise specified.
Reporting Scope and Boundary
Our reporting scope covers Tropicana Corporation Berhad as a Group in Malaysia, excluding joint ventures and operations for which Tropicana
has no managerial control. However, we aspire to extend the scope and boundaries of our reporting to our joint ventures as we progress. This
statement does however include information and data from specific projects and our value chain activities.
Reporting Framework
This Statement has been prepared in accordance with the Bursa Malaysia Securities Berhad’s (“Bursa Malaysia”) Main Market Listing
Requirements and with reference to the Bursa Sustainability Reporting Guide (2nd Edition). We have not sought any external assurance for
the current statement and will consider to seek assurance for our key sustainability indicators as our reporting matures.
Feedback
We value your feedback. Any questions

about this Statement, or would like more
information on our sustainability efforts.
Almaz Binti Azmi

Risk Management
Tel:
+603 77101018
Website:
www.tropicanacorp.com.my
For general inquiry:

corpcomm@tropicanacorp.com.my
For customer care support:

customercare@tropicanacorp.com.my

SUSTAINABILITY STATEMENT
Our Value Chain innovate, adapt and improve our overall business, now and in the
future. Our foresight and innovative spirit thus far has enabled the
As experienced master planners, we believe in taking a long-term Group to strengthen our competitive advantage and deliver added-
view on our property developments as it is about creating lifestyles value to our stakeholders and communities where we have a presence
and communities where people would be proud to call home. We in.
work hard to deliver real value to those whose lives are impacted by
our developments and overall business. With this in mind, the Tropicana value chain, as illustrated below,
starts from the identification of our landbank for development of
We build quality homes and integrated developments that reflect our township and integrated developments to property investment.
the growing aspirations of a broad range of purchases across For us, it is about delivering the right balance and creating lasting
Malaysia, guided by our unique Tropicana DNA, namely accessibility, impressions - places where people aspire to live in as well as enhances
connectivity, innovative concepts and designs, generous open the overall well-being of the communities in and around the area. In
spaces, amenities, multi-tiered security and quality. At the same time, fact, we continue to engage with our communities even after the
we remain committed towards fostering a culture where sustainability development of our townships and projects as this not only builds
is part of our business goals and overall business strategies. As such, long-lasting relationships, but also ensures the sustainable growth of
we are continuously implementing initiatives that allow us to learn, our business.
Property Development
Identification of Land Banks Property Investment
- Townships and Projects
Development Stages
Operations and
Conceptualisation Design Construction
Maintenance
Sustainability Governance
In an effort to manage risks and protect our stakeholders, we continue

to practice a culture of effective governance that includes adhering and
complying to policies, rules and regulations. In addition to this, we believe
that best practices in good governance, ethics and transparency paves
the way towards strong business growth and long-term value to our
stakeholders.
The Group’s sustainability agenda is driven by our Sustainability Steering

team, chaired by the Deputy Group CEO who oversees the implementation
of our sustainability initiatives. Our Board of Directors is responsible for
the overall sustainability direction of the Group.
Dalia Residences, Tropicana Aman, Kota Kemuning

Governance Policies
Governance Structure
Board of Directors • Ultimately responsible for Our governance policies ensure we adhere and comply to best
sustainability direction of the Group practices and ethical business conduct within the Group.
• Ensures business strategy considers
sustainability matters Code of Conduct (“the Code”)
Provides guidelines on how to conduct our business in an ethical and
Deputy Group Chief • Provides leadership over
transparent manner, covering regulatory and procedural compliance,
Executive Officer implementation of sustainability
conflict of interests, confidentiality and employee liability.
agenda in business strategy
• Oversees the implementation of
Grievance Handling Policy
Tropicana’s sustainability agenda
Defines the procedures of how employees may formally seek to
across its business strategies
address their grievances, with regard to their rights, breach of the
• Develops sustainability strategies
Code or any form of discrimination.
and reports to the Board
• Approves policies, targets and
Whistle-Blowing Policy
market disclosures on sustainability
Allows employees and members of the public to report any improper
matters
conduct which will then be thoroughly investigated, without the
Sustainability Steering • Supports sustainability strategy identity of the whistleblower being compromised.
Team implementation
• Ensures processes and controls are Privacy Policy
in place within its departments/ Sets out how personal information is collected, used and protected,
functions in accordance with the Personal Data Protection Act 2010.
• Reports on the performance
of processes, controls and These policies are available online at www.tropicanacorp.
management targets com.my/about-tropicana/corporate-governance as well as the
internal Tropicana Employee portal.
Our Stakeholders
At Tropicana, we define stakeholders as groups of individuals who are interested in our business and impacted by our business operations.
Our key stakeholders include customers, employees, investing community, Board of Directors, suppliers and the government.
We remain committed to strengthen relationships with our diverse base of stakeholder groups by undertaking effective and meaningful
engagement activities. This allows us to obtain insights on our stakeholders’ interests and address their concerns, which forms the core input
in determining our material focus areas.
Stakeholder Engagement Platform Frequency Stakeholder Engagement Platform Frequency

Groups Groups
Customer • Customer Satisfaction • Project basis Board of • Board Meetings • Quarterly
Survey Directors • Management Meetings • Monthly
• Marketing Campaigns • Regularly • Committee Meetings • Quarterly
• Corporate Website • Continuously
• Social Media • Continuously
Employees • Human Capital • Monthly Suppliers • Training and Coaching for • As needed
Development Compliance
Programmes • Meetings with Suppliers • Regularly
• Employee Engagement • Regularly • Global and Local Supplier • Continuously
Platforms Sourcing Platforms
• Company Intranet and • Continuously • Periodic Performance • As needed
Newsletters Reviews
Investing • Annual General Meeting • Annually Government • Formal Meetings • As needed
Community • Quarterly Results • Quarterly • Pre-consultations • As needed
• Analyst Briefings • Semi-annually
• Corporate Website • Continuously

Our Material Sustainability Matters Materiality Assessment
Our sustainability efforts are focused on strengthening our economic As part of our sustainable reporting journey, we have reviewed and
contributions, driving positive social engagement and maintaining updated our materiality matrix to reflect sustainability matters that
high environmental conscientiousness. Meanwhile, our material are of utmost importance and relevant to the business as well as key
matters are factors that have a present or future impact on our ability stakeholders. The diagram below details our materiality assessment
to deliver sustainable value to our stakeholders which contributes to approach for the year in review.
our business growth.
Materiality Review Process
Review, Update and Prioritise Validation and Approval
For FY2018, we conducted a materiality review workshop The refreshed materiality matrix was then presented to top
to incorporate our stakeholders’ feedback and ensure our management for endorsement and validated by Tropicana’s
material matters remain relevant in the ever-changing Board of Directors.
landscape.
The materiality review highlighted several changes as shown
The material matters were reviewed based on Bursa below:
Malaysia’s Sustainability Reporting Guidelines, peer
benchmarking, media reviews as well as other internal and New material matters:
external sources. • Innovation
• Biodiversity
The workshop was attended by selected key management • Water management
representatives from various functional areas to provide
their views and inputs on the existing materiality matrix. Existing material matters (Shift in priority)
• Occupational safety & health (Low to Medium)
• Environmental compliance (Low to Medium)
Tropicana’s Materiality Matrix
1 Economic 11 Product & services

1 11 performance responsibility
2 Procurement 12 Occupational safety
and health
practices
12
13 Contractor
3 Innovation
5 management
Stakeholders interest
1413 15
4 Indirect economic 14 Talent development
impact
7 6
5 Environmental 15 Employee
2 compliance management
3
17 16 6 Energy effiency 16 Supply chain
8
18
7 Waste effluent 17 Local
4 communitites
8 Product & services
18 Social
responsibility
compliance
10 9 9 Water management
10 Biodiversity
Economic
Impact to Business Environment

Social
Low Priority Medium Priority High Priority

Our Materiality Sustainability Matters
With our new reporting matrix for FY2018, we centred our efforts on communicating our key sustainability areas as listed below. As we
progress, we will enhance our reporting disclosures to include the remaining material matters and periodically review our material matters
against changing business landscape, trends, regulatory updates as well as addressing our stakeholders’ concerns.
Focus Areas Material Matters Why is it Important? Value Chain Boundary

Economic Contributions Economic Performance To deliver long-term sustainable business
growth to its shareholders and other
Tropicana’s impact on the stakeholders
economic conditions of
Procurement Practices To ensure transparency, fairness,
its stakeholders and on
accountability and impartiality in the
economic systems at local,
procurement process
national and intercontinental
levels
Social Engagement Products and Services To continuously improve the quality of our
Responsibility products and services to meet and exceed
Tropicana’s impact on the market expectations
social systems within its
Employee Management To build productive and motivated teams
management
who are fundamental to Tropicana’s growth
Talent Development To upskill our employees’ capabilities which

will enable them to achieve more meaningful
career growth
Community Engagement To promote community building and the

culture of giving-back
Environmental Environmental To minimise environmental impact to ensure

Conscientiousness Compliance sustainable business operations
Tropicana’s impact Energy Efficiency To minimise energy usage which contributes

and efforts in conserving towards reducing carbon emissions
natural resources
Conceptualisation Design Construction Operations and Maintenance Value Chain Impacted

Economic Contributions
ECONOMIC PERFORMANCE
G
uided by our unique
Tropicana DNA,
Tropicana continues
to focus on driving
growth and maximising long-
term shareholder value.
Tropicana’s key strength lies in our
ability to develop and introduce
new and innovative concepts at
our townships and integrated
developments as we are cognisant
of evolving market dynamics,
consumer aspirations, life-cycle
needs as well as demands. Backed
by an experienced team with the
goal of delivering beyond customer
expectations, we have emerged
as one of the leading property
developers in Malaysia.
For the financial year ended

31 December 2018, Tropicana
Tropicana acknowledged as one of the Top Ten Develop in Malaysia at The Edge Property Excellence Awards 2018
registered a revenue of RM1.64
billion while its profit before tax stood at RM320.23 million. We will continue to focus on enhancing our strategy and goals in the property
development and management segment in order to deliver long-term sustainable growth and shareholders’ value. The chart below illustrates
our value distribution to our stakeholders for the year in review.
Net Operating Income RM170.97mil Reinvestment

100.08
RM540.65 mil and Growth (depreciation and
amortisation, retained income)
170.97
Value Distribution RM140.40mil Government
Value Added (RM’mil) (Corporate taxation)
(RM’mil)
542.07 RM130.62mil Employees
542.07 (Salaries and other staff costs)
130.62
RM100.08mil Providers of
140.40 capital (Dividends, finance
Share of profits of costs and non-controlling
associate and joint interests)
ventures
RM965,000
Further information on our economic performance can be found in:

• Management Discussion and Analysis: pages 23 to 29
• Value Added Statement: page 34
• Performance at a Glance: pages 30 to 31
• Audited Financial Statements: pages 97 to 218
• Financial Highlights and Insights: pages 32 to 33

SUSTAINABILITY STATEMENT -
ECONOMIC CONTRIBUTIONS
Economic Contributions
PROCUREMENT PRACTICES
O
ur ability to achieve our sustainability goals thus far has In this regard, we engage with our vendors to ensure they are not
been centred around the adoption of robust policies and only aligned to our goals, but also, adhere to best practices as well
practices that adhere to the relevant laws and legislations as ethics and environmental standards. Apart from quality, timely
regarding procurement practices. For FY2018, the Group delivery and pricing, we also paid close attention to our suppliers and
continuously incorporated several environmentally-friendly features vendors’ compliance towards quality as well as Environmental, Safety
throughout our procurement activities to minimise our environmental and Health (“ESH”) industry standards such as ISO 9001, ISO 14001
impact. and OHSAS 18001, in line with the development of a sustainable
supply chain.
As a responsible property developer, we are cognisant that our
core operations involve extensive use of building materials. In promoting a more inclusive economy in communities where
Throughout FY2018, we continued to strengthen our governance to we have a presence in, we strive to maximise local sourcing of our
encourage sustainable procurement practices. Guided by the Group building materials. Regional procurement strategies also minimises
Procurement Standard Operating Procedures (“SOP”), we have put transportation of materials which in turn reduces our carbon
in place an assessment system that upholds ethical and professional footprint. As a result of our efforts, more than 90% of our materials
practices for our vendor selection processes, for both Tropicana and were sourced locally for three consecutive years.
our offices.
Group Procurement Standard Operating Procedure (“SOP”)
1 Selection 2 Evaluation 3 Award 4 Continuous Assessment
Suppliers are selected Suppliers will be evaluated Shortlisted suppliers are An assessment on
from the Approved based on Tropicana’s informed and awarded suppliers’ performance is
Suppliers List (“ASL”), a assessment system the contract conducted annually for
repository that includes requirements suppliers with significant
information on all purchase value
suppliers
Procurement Data
We define local suppliers as all Malaysian distributors, manufacturers and suppliers. The chart below highlights the total procurement budget
spent on local suppliers.
Amount Spent on Local Suppliers FY 2018

FY 2017
Group Procurement Building Materials FY 2016
RM12,950,634 RM33,482,110
RM5,486,647 RM47,129,475
RM11,539,895 RM32,750,312
• Group Procurement refers to procurement practices for Tropicana’s corporate office only
• The amount of Building Materials spent corresponds to the number of projects launched and delivered annually
SOCIAL ENGAGEMENT
Social Engagement
PRODUCT AND SERVICES RESPONSIBILITY

Quality Excellence
A
chieving quality excellence has consistently been the core focus of
our business as it enhances the Group’s reputation while delivering
sustainable revenue to the Group. Here at Tropicana, quality excellence
in our products and services begins at conceptualisation stage. As such,
the delivery of quality standards is a continuous process that involves building
long-standing, meaningful relationships with our stakeholders, allowing us to
understand and address their changing needs and lifestyle aspirations.
Our commitment to provide high quality products and services is reflected with
the establishment of our Quality Management Systems (“QMS”) which consistently
manages our product and process quality performance. The product quality
assessment is based on QLASSIC (Version CIS 7:2014) which is a third-party
Arahsia Residences, Tropicana Aman, Kota Kemuning assessment by the Malaysian Construction Industry Development Board (“CIDB”)
that evaluates workmanship quality of building construction work.
To ensure quality excellence, continuous training and awareness sessions were provided to our employees and contractors which included Contractor
Quality Briefings (“CQB”), quarterly Quality Benchmark Training (“QBT”) and external QLASSIC awareness training. We strive to continuously improve
our workmanship quality to achieve higher than average QLASSIC score year-on-year.
We have shown excellent performance in the QLASSIC scores through the implementation of the QLASSIC assessment. This is also supported by
our achievement where we were awarded a range of industry awards including the iProperty Awards 2018, The Edge Property Excellence Award
2018, The Star Property Awards 2018, Asia Pacific Property Awards 2018 and BCI Asia Awards 2018. The list of milestones and awards can be found at
www.tropicanacorp.com.my/about-tropicana/milestones-und-awards.
Tropicana Heights Phase 3 (Ridgefield)

81.5
Tropicana Aman Phase 1 (Arahsia)

80
Tropicana Aman Phase 2 (Bayan)

77
Tropicana Gardens RT3 (Cyperus)

76
0 10 20 30 40 50 60 70 80 90 100
QLASSIC score (%)
* QLASSIC score for Tropicana Heights is an average of score obtained by two contractors with the score of 81% and 82%

SOCIAL ENGAGEMENT
Customer Satisfaction
At Tropicana, customer satisfaction is central to our corporate culture and one

of key factors that drive business growth.
Environment &
Guided by our belief system of always doing better and delivering beyond Community
customer expectations, we made concerted efforts to listen to our customers,
obtain feedback as this allows us to gather valuable information in order to
understand customer needs and demands. Material
Development
Quality
Concept
For every project vacant possession, Customer Satisfaction Surveys (“CSS”) are
conducted to obtain valuable and constructive feedback from our customers.
Customer satisfaction is measured based on five key perspectives, which are
the core measures for continuous improvement as indicated in the Customer
Satisfaction Survey graph below. Our target is to achieve an overall satisfaction Workmanship Design
rate of 85% as well as continuously enhance the quality of customer service Quality Quality
and experience.
Customer Satisfication Survey (%)
FY 2018 vacant possessions Are you satisfied in our product & services? Would you recommend our properties to your
friends/relatives?
Tropicana Aman – Arahsia 83 89
Tropicana Aman – Bayan 74 86
Tropicana Gardens – Arnica 97 78
Tropicana Gardens – Bayberry 84 62
Tropicana Gardens – Cyperus 86 92
Tropicana Heights – Parkfield 97 75
Tropicana Metropark– Pandora 82 54
Tropicana Metropark– Paloma 90 65
Average Score 87 75
2018
87 Are you satisfied in our product
services?
75
Would you recommend our
2017 properties to your friends/relatives?
87
63

SOCIAL ENGAGEMENT
Customer Grievance Mechanism
Tropicana has always received strong demand for our strategically-located developments. Cognisant that our customers are at the heart of
our business, we continuously engage with them to identify their interests and areas of concern in relation to our projects. However, we are
also aware that consumer taste and preferences are constantly changing. To this effect, customers can easily reach us through the various
channels available, namely via the Tropicana 360 mobile app, telephone, email or even our website.
Throughout FY2018, we received 3,404 CSS forms and consumer insights from four of our key project vacant possessions (2017: 1,294 CSS
forms received from three key projects), which were addressed. It is also important to note that more than 83% were centered on customers'
lifestyle aspirations, their views on living standards, general questions and more. Only 17% were complaint-oriented.
FY2018 vacant CSS Feedback Complaints

Customer Grievance Mechanism
possessions Distributed Received Received
Tropicana Aman - 432 402 68
Arahsia
Customer to provide feedback through the Tropicana Aman - 372 342 61
Customer Service Centre Bayan
Tropicana Gardens - 336 314 32
Arnica
Management to call for internal meetings to Tropicana Gardens - 413 386 24
discuss on the feedback obtained and possible Bayberry
solutions
Tropicana Gardens - 406 347 36
Cyperus
Management to hold external meetings with Tropicana Heights - 471 458 86
the respective customers to discuss the viability Parkfield
of the proposed measures Tropicana Metropark - 627 606 144
Pandora
Tropicana Metropark - 587 549 128
Paloma
Total 3,644 3,404 579
During the year in review, we identified two key issues. Respective action plans were developed to address and resolve these issues as
presented below:
Key Concerns How We Addressed Concerns
Access to Customer Care Unit • Strengthened and enhanced the capabilities of the CCU team in order to respond more
(“CCU”) efficiently to customer queries, insights and feedback.
Rectification works and • Briefing to customers by Tropicana’s Vacant Possession (“VP”) team on how to provide
workmanship quality feedback through Tropicana 360 (“T360”) after unit viewing.
• Collected data forwarded to Tropicana’s management team, who will then coordinate with
the respective contractors to address the issues.
• Inform customers through T360 upon completion of rectification works.

SOCIAL ENGAGEMENT
For FY2018, we introduced the Tropicana 360 ("T360") a mobile

application that connects us with the Tropicana community.
The T360 app enhances our residents' home ownership experience,
as it encompasses the following benefits:
01
Property
Facilities updates
06 booking 02
Keys
05 collection
Timely
feedback
04
03
E-appointments
E-billing
set up
With all functionalities integrated into a single application, this allows

for effective communication with our customers and improved
customer experience.
Customer Privacy
Protecting customer privacy is an integral part of our commitment to our customers. In this regard, we fully complied with the various
legislations on privacy and data security, in accordance with the Personal Data Protection Act 2010.
During the period under review, there were no complaints regarding breach of privacy, loss of data, unauthorised access to or disclosure of
personal information.

SOCIAL ENGAGEMENT
Social Engagement
EMPLOYEE MANAGEMENT
O
ur employees are our strongest
resource, consisting of Total Number of Employees Total Number of Employees
multi-talented, experienced
individuals who are specialists
in their own fields. The progress made
throughout FY2018, given the challenging
960
953
property sector, would not have been
887
864
possible without the capabilities and
788
dedication of our employees.
732
When it comes to building a competitive
team, we focused our efforts on giving our
employees the opportunity to grow, both on
professional as well as personal levels. We do
this because we recognise the importance
89
73
56
of diversity, skills and talent which in turn
strengthens our competitive advantage and
drives growth. 2018 2017 2016 2018 2017 2016
Permanent Contract
Local Employment
At Tropicana, we contribute to local economic growth by promoting local employment. We do this through direct employment by creating
job opportunities. We have been consistent in prioritising local employment whereby we maintain at least 99% of local hires over the years.
Local Hires Expatriates Permanent Contract

Local Hires Expatriates Local Hires Expatriates
2018 100% 0%
2018 732 0 56 0
2017 99% 1%
2017 858 6 84 5
2016 99% 1% 2016 883 4 71 2

SOCIAL ENGAGEMENT
Diversity
Our people are our greatest asset. We

believe in providing equal employment
opportunities as we have built a culture of
respect and tolerance at Tropicana.
The success of our organisation stems from

the contribution of our employees who
come from different backgrounds and belief
systems.
We have created an inclusive workforce,

based on the principles of diversity at the
workplace, which has allowed us to harness
different perspectives, skills, knowledge
and tap into their creativity. As a result, this
nurtured a healthy working environment,
improved performance and strengthened
growth prospects.
While we are proud of the progress we have made, we acknowledge that these efforts must be done continuously. In order to attract and
retain the most talented individuals within the Group, we have focused on raising the bar towards creating a level playing field for both men
and women to succeed. Currently, women make up 50% of our permanent workforce.
Gender Diversity (%) Gender Diversity (Number of Females by Employee Category)
2018 2 2 23 2
37 24 55 22
67
50 50
128 119
68 32 2018 2017 2016
119
2017
50 50 185 223 224
82 18
Top Management Executive
2016
Senior Management Non-Executive and Others
51 49
Middle Management
75 25
* This information covers our permanent employee only
Permanent Employees (Male)
Permanent Employee (Female)
Contract Employees (Male)
Contract Employees (Female)

SOCIAL ENGAGEMENT
New Hires
As an organisation that is focused on driving growth, we strive to develop a talent pool that has a diverse knowledge base, skills-sets, experience
and perspectives. Identifying and developing the right talent is crucial as they will deliver added-value to the Group’s growth and productivity.
To this effect, we provide equal opportunities in recruitment, regardless of gender, ethnicity and age.
Cognisant of changing trends in home purchase and ownership in Malaysia, we believe there is increasing need to design and build homes that
appeal to the younger generation. To reflect these changing trends and demands, 39% of our new hires during the year in review consisted of
young talent under the age of 30, creating a good balance between new and current employees.
New Hires New Hires

(By Age Group) (By Gender)
2018 2018
92 126 16 114 120
2017 2017
80 96 4 83 97
2016 2016
46 74 8 48 80
Under 30 30 - 50 Over 50 Male Female
Turnover
We retain our talents by providing competitive remuneration packages, effective performance management and career development
opportunities for all our employees. In addition, we strive to promote a sense of belonging through various engagement activities such
as Annual Family Carnival, Tea Talks and sports activities in the Company. Our turnover rates have improved over the years and we aim to
continue enhancing our employee engagement initiatives to create a healthy working environment.
Turn Over Rates Turn Over Rates

(By Age Group) (By Gender)
2018 2018
35% 23%
23% 25%
6%
2017 2017
26% 22%
21% 21%
17%
2016 2016
31% 25%
24% 25%
22%
Male Female
Under 30 30 - 50 Over 50
* Information on new hires and turnover rates covers our permanent employee base only

SOCIAL ENGAGEMENT
Social Engagement
TALENT DEVELOPMENT
I
n order to secure sustainable future growth, Tropicana believes in realising the potential of its employees. As such, the Group strives to
create a knowledge-driven environment that nurtures talent and builds capabilities, key factors that are vital towards business success in this
competitive industry. We provide various training and capacity-building programmes that not only align business goals with employee skills,
but also, builds greater awareness on industry trends that would help them achieve success in their careers in the long-term. We also foster
a culture where our employees are encouraged to embrace an innovative mind-set, develop new skill-sets and also leverage on technology/
digital capabilities.
We believe pursuance of success is achieved through the tenacity of growth and development of each and every one of our employees. We
recognise that competence and commitment of our employees are the keys to staying ahead of the game.
Talent development allows us to exude the sense of confidence and commitment towards their career growth which is translated through the
higher investment of training budget spent. We invested RM323,573 in FY2018 in comparison to only RM288,472 in FY2017; encompassing
7,856 training hours across all levels.
Average Training Hours Average Training Hours

(By Gender)
Male
Female
10.73
14.23
10.08
12.15
7.98
5.4
7.11
6.62
4.24
2018 2017 2016 2018 2017 2016
* Information on training hours covers our permanent employee base only

SOCIAL ENGAGEMENT
The effort is being supported by the implementation of a plethora of soft skills training programmes ranging from personal development to
essence of leadership. As a property developer, it is imperative to ensure that our employees are technically sound and are kept abreast with
the latest industry updates to remain relevant in the ever-changing landscape. Among the key training programmes and knowledges that are
imparted annually are:
Training Programme Description
Managers as Leaders • To improve managerial and leadership skills of our managers which focuses on coaching
and team building.
Situational Leadership • To assist our leaders in applying suitable leadership styles in response to the needs of their
people and situations to create a more productive workplace.
First Time Managers • To prepare first-time managers by providing them with necessary skills and training needed
to make a smooth transition in becoming leaders.
Performance Enhancements & Employee • To understand fundamental strategies to develop the right attitude towards life and work.
Renewal Strategy • To provide fundamental strategies to work efficiently and effectively with others, including
direct superiors and assist employees with strategies in managing one’s career growth in the
organisation.
7 Habits of Highly Effective People • To provide foundation for professional effectiveness in increasing productivity, restoring
balance and developing greater maturity and responsibility.
Presenting with Presence • To improve our employees’ ability to present with “presence” and develop impactful
presentation.
ISO 9001:2015 Awareness Training • The training aims to:

Provide an understanding of the quality management concepts and principles;
Promote better interpretation and applications of the requirements of ISO 9001:2015
standards; and
Strengthen understanding of how quality management systems are documented and
implemented.
ISO 9001:2015 Internal Quality Audit • ISO 9001:2015 is an international standard that specifies requirements for a quality
Training management system.
• The training aims to:
Introduce auditing as a tool for the organisation to monitor and achieve an effective
Quality Management System;
Promote objectivity and consistency in the organisation’s Internal Audit process;
Enhance participants understanding and involvement in the audit process;
Improve audit effectiveness in the organisation; and
Provide participants with practical workshops.
QLASSIC Training • The training aims to provide:

Increase understanding of QLASSIC assessment methods;
Enhance knowledge and skills on assessment standards;
Strengthen knowledge on how to conduct internal assessment for projects; and
Reinforce knowledge on how to improve assessment scores for projects.
Legal Updates on Housing Development • To provide latest industry updates to ensure the Group remains relevant in the ever-changing
Act & Strata Management Act landscape.
Budget 2019 Updates

SOCIAL ENGAGEMENT
Social Engagement
COMMUNITY ENGAGEMENT
Tropicana Metropark Pets Carnival & Bazaar Buka Puasa Charity Event
Buka Puasa Charity Event The EDGE KL Rat Race Tropicana Metropark ‘Bubble Bridge Run’
W
hen it comes to designing townships and integrated developments, we have a long-term view as it is enduring partnership with
our stakeholders, especially the communities in which we have a presence in. We have stayed true to this cause as we have
consistently reached out to communities and built meaningful relationships based on mutual respect and trust.
Tropicana's commitment to improve the lives of local communities is reflected through our Corporate Social Responsibility (CSR) initiatives,
supported by Tropicana Foundation. The Foundation aims to provide assistance through the provision of funding and implementation of
charitable initiatives that best reflect the needs of the community such as supporting local health and education initiatives.
Apart from the underprivileged communities, we also continued to strengthen our relationship with residents and local communities through
several outreach programmes. Some of our outreach programmes are as follows:
Pillar Initiatives Total Amount

Contributed
Education School Donation RM5,000

• Donated RM3,000 to SJK (C) Tun Tan Siew Sin School for the construction of a new
building to accommodate the increase in student intake.
• Donated RM2,000 to Confucian Private Secondary School for the reconstruction of its
three-storey building.
The EDGE Kuala Lumpur Rat Race RM18,000

• Tropicana participated for the 14th time in this annual charity run to demonstrate our
commitment in giving back to the community while also encouraging a sense of
camaraderie.
• This year, Tropicana contributed RM18,000 to support The Edge Education Foundation
• Tropicana also separately sponsored shoes and running attire for participants.

SOCIAL ENGAGEMENT
Pillar Initiatives Total Amount

Contributed
Health and Tropicana Gardens ‘A Healthy Start’ -

Wellbeing • To promote a healthy living, Tropicana has conducted a two-day event on the 27th and
28th of January 2018, in collaboration with MAYI AyurYoga and BP Healthcare group at
Tropicana Gardens Property Gallery.
• This event included health screening and health talks by BP Healthcare Group, Yoga as
well as breathing classes by Mayi Ayuryoga Academy.
Tropicana Metropark ‘Bubble Bridge Run’ -

• A community-building fun run initiative was conducted at Tropicana Metropark
Central Park to encourage healthy living and wellbeing of residents and those in the
neighbouring communities such as Shah Alam, Klang and Greater Subang Areas.
• The event included many community-based stations such as the Vertical Army
Inflatable, Ultimate Inflatable Obstacle, Water Gun Attack and so forth that encouraged
participants to work together to overcome these challenges.
Night for Charity at Tun Dr Siti Hasmah Award Gala Dinner RM50,000
• The Malaysian AIDs Foundation (MAF) organised the Tun Dr Siti Hasmah Award Gala
Dinner to raise funds for HIV prevention, AIDS care and support for people living with
HIV (PLHIV).
• Tropicana donated RM50,000 to assist MAF in carrying out various activities and
programmes for the benefit of communities affected by HIV/AIDs.
Supporting the Perak Thalassaemia Society RM2,000

• The Perak Thalassaemia Society serves to undertake and organise charitable and welfare
services for the rights of the disabled in the community.
• Aligned with Tropicana’s commitment to create a positive impact on the local
community, we donated RM2,000 to support the Perak Thalassaemia Society in
achieving its purpose.
Charitable Buka Puasa Charity Event Item donations only

Contributions • TGCR organised a Buka Puasa Charity Event at Desa Mentari, Kampung Dato Harun SS13
and Community and Bangi to encourage the spirit of giving back to the community.
Engagement • Attended by 200 underprivileged children, we provided back-to-school supplies such as
backpacks and stationeries to help ease the burden of these families.
Majlis Hari Raya Aidilfitri 2018 bersama ASNAF RM30,000

• TGCR organised a Majlis Raya Aidilfitri for 150 underprivileged children who came from
Pusat Jagaan Kasih Ilahi, Pusat Jagaan Permata and Rumah Baitul Rahmah. Embracing
the spirit of Ramadhan, a post Hari Raya feast and entertainment were provided for the
children.
• Apart from duit raya, each underprivileged home also received an additional
contribution of RM30,000 from TGCR.
Tropicana Metropark Pets Carnival & Bazaar -

• Tropicana hosted a two-day Pets Carnival & Bazaar event which attracted more than
1,200 pet lovers at Tropicana Metropark Property Gallery.
• The carnival was conducted to strengthen family bonds and community relationships
for its residents and the communities in the surrounding areas.
• Activities during the carnival included an agility course, pet grooming/washing stations,
pet tricks and Animal Shelter donation booths, ‘The Best Costume’ contest and more.

Environmental Conscientiousness
ENVIRONMENTAL COMPLIANCE
Well thought out landscaping at Tropicana townships foster balance and creates a sense of well being for its residents
W ENERGY EFFICIENCY
e have a long-standing commitment
towards the environment. For us, it is
A
not just about building townships and
integrated developments, but creating t Tropicana, we are committed to reduce our operational impact
a balance between development and the natural through various energy conservation initiatives. Our energy saving
ecosystem. Across all our properties, we focus on efforts are focused on managing energy usage at our corporate office
promoting healthier and greener living environment and integrating energy efficiency considerations into our project’s design
to increase the quality of life of our residents and which in turn helps our customers to conserve energy.
the communities around us for the sake of future
generations. We believe that these efforts will not only
Energy Conservation Initiatives
protect and enhance the value of our developments,
but also future proof our business growth. Corporate Office
We believe simple habits can make a big difference. The Group encourages
At Tropicana, we are committed to complying with all energy saving practices by putting up reminders around common areas to
standards enforced by the local authorities, namely the raise awareness among our employees. Our efforts include:
Environmental Quality Act 1974, Town and Country • All non-essential lights to be switched off during lunch hours
Planning Act 1976, Environmental Quality (Industry • All lights and air conditioning to be switched off after office hours
Effluent) Regulations 2009, National Landscape Policy • All lights and air conditioning of meeting rooms to be switched off when
and Environmental Impact Assessments (EIA) for not required
prescribed activities.
During the year in review, several EIAs were conducted

at our developments, namely Tropicana Cheras, Green Building Projects
Tropicana Heights and Tropicana Aman in an effort The Group also incorporates energy saving features into our building
to reduce operational impact on the environment architecture and township designs such as:
and ensure compliance with existing regulatory • Installing energy efficient lighting including LEDs
environment. • Architectural passive cool design
use of natural daylight to reduce the need for artificial lighting
For FY2018, there were no significant fines and natural ventilation to reduce air conditioning
non-monetary sanctions for non-compliance with
environmental laws and regulations.
TROPICANA
METROPARK
(SUBANG JAYA)
Tropicana Metropark is a beautifully landscaped township that
emulates the city of Melbourne and its symbiotic relationship
with the Yarra River, within just 88 acres of land. The whole
development is built around its 9.2-acre Central Park that is filled
with flowing streams, greenery and open spaces for residents to
relax and unwind. Easily accessible, this thoughtfully designed
township has its own flyover that links directly to the Federal
Highway.
www.tropicanametropark.com.my
Commu
C RE AT I N G V I BR A N T
nities
CORPORATE GOVERNANCE
OVERVIEW STATEMENT
“Environmental, Social and Governance disclosures on non-financial factors such as corporate governance,
cybersecurity and environment issues are becoming an increasingly important consideration for investors, forming
part of the honest and transparent communication that Investor Relations professionals should effectively articulate
to win their confidence and trust.
To this end, Bursa Malaysia on our part drives an ongoing agenda to encourage public-listed companies to adopt,
and report on sustainability, corporate governance and transparency. This started with the 2006 introduction of
Corporate Social Responsibility disclosures in Annual Reports.”
Speech by Datuk Seri Tajuddin Atan

Chief Executive Officer, Bursa Malaysia at 8th MIRA Awards Ceremony held on 5 December 2018
T
he Board of Directors (“Board”) of Tropicana Corporation This Statement, which is made pursuant to Paragraph 15.25(1) of the
Berhad (“Tropicana” or “Company”) is committed to Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities
maintain high standards of corporate governance to Berhad (“Bursa Securities”), sets out the extent to which the Group
protect and enhance the shareholders’ value as well as the has applied the principles and the recommendations of the MCCG
continued growth and success of the Company and its subsidiaries throughout the financial year ended 31 December 2018 (“FY2018”).
(“Group”). The Board supports the principles and recommendations Details of the application of each practice of the MCCG during the
of the new Malaysian Code on Corporate Governance issued by FY2018 are set out in the Corporate Governance Report which is
the Securities Commission Malaysia which has come into force available on the Company’s website at www.tropicanacorp.com.my.
on 26 April 2017 (“MCCG”) and replaced the Malaysian Code on This Corporate Governance Overview Statement (“Statement”) made
Corporate Governance 2012. The Board will continue to review the reference and provide the details on how the Company applied and
existing corporate governance practices throughout the Group and upheld the three (3) main principles highlighted in MCCG during the
to undertake appropriate actions in embedding the principles and FY2018, which are:-
recommendations of the MCCG.
Principle A Principle B Principle C
Board Leadership and Effective Audit and Integrity in Corporate

Effectiveness Risk Management Reporting and Meaningful
Relationship with Stakeholders
In addition, the Company’s governance framework are based on the following statutory requirements in building the sustainability values:-
Malaysian Code Main Market

on Corporate Listing
Governance 2017 Requirements
Tropicana Group’s
Corporate Governance
Framework
Companies
Act 2016

CORPORATE GOVERNANCE OVERVIEW STATEMENT
PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS
I. Board Responsibilitites II. Board Composition
The Board assumes the following principal responsibilities in Throughout the FY2018, the Board composition complies with
discharging its fiduciary duties and leadership functions:- paragraph 15.02 of the MMLR of Bursa Securities whereby at least
two (2) Directors or 1/3rd of the Board, whichever is the higher,
• reviews and adopts the strategic plan for the Group; are made up of Independent Non-Executive Directors. The Board,
• oversees the conduct of the Group’s businesses to determine as at the date of this Statement consists of eleven (11) members,
which made up of one (1) Non-Independent Non-Executive
whether the businesses are being properly managed;
Chairman, one (1) Non-Independent Non-Executive Director, five
• identifies principal risks and ensures the implementation of
(5) Independent Non-Executive Directors and four (4) Executive
appropriate systems to manage these risks;
Directors.
• establishes a succession plan for the Company;
• oversees the development and implementation of an investor 46%
Independent
relations programme or shareholder communications 36% Non-Executive Directors
policy for the Company;
Board Non-Independent
• reviews the adequacy and the integrity of the Group’s
Composition Non-Executive Chairman
internal control systems and management information
Non-Independent
systems, including systems for compliance with applicable
Non-Executive Director
laws, regulations, rules, directives and guidelines;
• ensures the Company’s financial statements are true and 9% Executive Director
fair and conform with the laws; and 9%
• ensures the Company adheres to high standards of ethics
and corporate behaviour. 60-69
50-59
The Board is also mindful of the importance of building a
sustainable business and therefore, takes into consideration its
40-49
environmental, social and governance impact when developing
the corporate strategy of the Group. The Company’s activities
in corporate social responsibilities for the year under review are 30-39
disclosed on pages 69 to 70 of this Annual Report.
20-29
The Chairman leads the Board in establishing and monitoring 0 1 2 3 4 5

good corporate governance practices and carries out a
Age versus Number of Director
leadership role in the conduct of the Board and in his relations
with shareholders and other stakeholders. The primary
responsibilities of the Chairman are, amongst others, as
9%
follows:-
Malaysian Eurasian
• to lead the Board and to ensure the effectiveness of all Malaysian Malay
aspects of the Board’s role; 18% Malaysian Chinese
Nationality/
• to ensure the efficient organisation and conduct of the Ethnicity
Board’s functions and meetings;
• to facilitate the effective contribution of all Directors at 73%
Board meetings;
• to promote constructive and respectful relations among
Directors, and between the Board and Management; and The Board comprises members from diverse backgrounds
• to ensure effective communication with shareholders and ranging from property development, investments, finance and
relevant stakeholders. accounting, banking, audit, risk management, legal, business
and general management, information technology, public
administration and multimedia, all of which provide the Group
with a diversity of views and a wealth of expertise, experiences
and networks to draw upon and the Board’s decisions are based
on diverse perspectives/insights and made objectively in the best
interests of the Company. The profiles of the Directors are set out
on pages 40 to 46 of this Annual Report.

III. Board Independence responsible for the effective running of the Group’s operations
and the implementation of the Board’s policies and decisions.
The presence of the experienced Independent Non-Executive
Directors have ensured proper check and balance in the Board, The positions of Chairman and Group Chief Executive Officer are
and provides unbiased and independent views, advice and held by different individuals. The clear distinction of responsibilities
judgement, besides playing key supporting roles. between the Chairman and the Group Chief Executive Officer
ensures a balance of power and authority, such that no individual
There is a clear division of responsibilities at the head of the or small group of individuals can dominate the Board’s decision
Company. The Chairman represents the Board to the shareholders making. It is mandatory for all members of the Board to declare
and is responsible for the effective running of the Board. The any of their interests in the transactions undertaken by the Group.
Group Chief Executive Officer, assisted by the Deputy Group In such instances, the interested Director(s) shall abstain from
Chief Executive Officer and the Group Managing Director are fully deliberation and the decision-making process.
IV. Governance Model and Framework
SHAREHOLDERS
Approves the
appointment
• Group Chief
Recommends
the appointment Accountable Executive Officer
Accountable • Deputy Group
External Auditor BOARD OF DIRECTORS Chief Executive
Officer
Report to • Group Managing
Delegates
Director
Nomination Remuneration Audit Risk Management

Committee Committee Committee Committee
Report to
Pricing Internal Investment

Committee Audit Committee
Governance Model
The Board delegates the day-to-day management of the • to approve corporate plans and strategic issues of the
Company’s businesses to Management under the stewardship Company;
of Mr Yeow Wai Siaw as the Group Chief Executive Officer, who • to approve annual budgets of the Company;
is assisted by Dato’ Dickson Tan Yong Loong, the Deputy Group • to approve material acquisitions and disposals of undertakings
Chief Executive Officer and Mr Dion Tan Yong Chien, the Group and assets as well as major investments of the Group;
Managing Director. • to approve new ventures of the Group;
• to approve changes to the control structure of the Company
Management meetings are held regularly or whenever the including key policies, capital expenditure, authority levels,
needs arise to discuss and review the Group’s businesses and treasury policies and risk management policies;
concerns, and to make the appropriate day-to-day business and • to approve material borrowings of the Company; and
management decisions. • to review the financial statements of the Company and the
Group on a consolidated basis.
To ensure that the direction and control of the Group is firmly in
its hands, and having an oversight of Management, the matters The strategic business plan for the Group is reviewed by the Audit
reserved for the Board’s decisions are as follows:- Committee and presented to the Board for approval on an annual
basis and the milestones achieved and progress of the strategic
plan and financial targets are reported to the Board on a quarterly
basis.

The Board has set up an Investment Committee to assist the Board The Nomination Committee has been given the responsibility
to review any proposed acquisitions or disposals of undertakings to recommend new appointments to the Board, Board
and assets as well as major investments of the Group including Committees and senior management who hold the key pivotal
any new ventures of the Group that the threshold exceed 1% of positions of Tropicana and its group of companies on an on-
the Company’s consolidated shareholders’ fund based on the going basis, with a view to ensure that the Board composition
latest audited financial statements of the Company. meets the needs, objectives and aspirations of the Company.
Considerations should be given to the competencies,
To strengthen the Board’s oversight of Management (in addition commitment, contribution and performance of the potential
to the above), the Board has the following agendas at its quarterly candidates.
meeting:-
The Nomination Committee also reviews the evaluation
• review of the operations of the Group by the Group Managing process and evaluation forms for all Board members in respect
Director for the Central Region (Non-Board member of of the annual evaluations of the effectiveness of the Board,
Tropicana), and the Group Managing Director for the Northern Board Committees and the contribution of each Director.
and Southern Regions (Non-Board member of Tropicana);
• report of the marketing and sales status of the Group by the The selection criteria of members of the Board are primarily
Managing Director of Marketing & Sales (Non-Board member); based on the merits of competency, knowledge, experiences,
and expertise, skills, character, integrity and time commitment of
• review of the development of material litigation and/or any the candidates, and taking into consideration the diversity in
new material litigation of the Group. gender, ethnicity and age.
During the FY2018, the Board has delegated specific The Board recognises the challenges in achieving the right
responsibilities to several Board Committees, namely the Audit balance of gender diversity on the Board. This will be done
Committee, Nomination Committee, Remuneration Committee, over time, taking into account the present size of the Board,
Risk Management Committee, Pricing Committee and Investment the valuable knowledge and experience of the present Board
Committee to oversee, manage and review specific aspects of the members and the evolving challenges to the Company over
Company’s business operations and corporate matters. The Board time. Nevertheless, the Company has taken its initiative in
Committees operate within their respective approved defined fulfilling its corporate governance goals on gender diversity
terms of reference and specific authority delegated by the Board. by appointing Ms Kang Ai Lin, a female Director on the Board
All the Board Committees make recommendation to the Board for of Tropicana on 9 April 2018. However, due to personal reason
approval in respect of the matters under their purview, saved for she resigned from the Board with effect from 31 July 2018.
the Pricing Committee, which has been empowered by the Board
to make decision within its terms of reference. The Chairman of On 26 February 2019, Madam Alice Dora Boucher, a female
the respective Board Committees will report to the Board on the Director was appointed as Independent Non-Executive
proceedings of each Board Committee meeting and the reporting Director of the Company. Management is putting its efforts
of the proceedings will be minuted accordingly. The Board retains in getting suitable women candidates who could meet the
full responsibility for the final decision on all matters. objective criteria, merit and with due regard for diversity in
skills, experience, age and cultural background to join the
(i) Nomination Committee Board.

The Nomination Committee, as at the date of this Statement, The Nomination Committee makes no decision on behalf
comprises four (4) Non-Executive Directors of whom three of the Board but makes recommendations to the Board for
(3) are Independent Non-Executive Directors and one (1) is approval.
Non-Independent Non-Executive Director as follows:-
(a) Datuk Wira Lye Ek Seang

(Chairman – appointed w.e.f. 19 November 2018)
(b) Datuk Michael Tang Vee Mun (Member)
(c) Encik Mohd Najib Bin Abdul Aziz (Member)
(d) Encik Hafez Mohd Hashim Bin Razman Md Hashim
(Member – appointed w.e.f. 18 July 2018)

New appointments to the Board Annual Board Evaluation
With regards to the Board evaluation for the FY2018, the

As at the date of this Statement, the Nomination Committee
Nomination Committee had conducted annual assessment in the
had considered the appointments or re-designation of the
following aspect:-
following eight (8) Directors:-
(a) the effectiveness of the Board as a whole;

(a) Tan Sri Dr Lim Wee Chai as Chairman;
(b) the effectiveness of the Board Committees;
(b) Tan Sri Dato’ Tan Chee Sing;
(c) the contributions of each individual Director; and
(c) Mr Yeow Wai Siaw;
(d) the independency of the Independent Non-Executive
(d) Mr Michael Tang Vee Mun;
Directors.
(e) Encik Hafez Mohd Hashim Bin Razman Md Hashim;
(f) Mr Loh Chen Peng;
The criteria on the evaluation of the effectiveness of the Board as
(g) Datuk Wira Lye Ek Seang; and
a whole related to, amongst others, the appropriate composition
(h) Madam Alice Dora Boucher.
and committees in correspondence to the Board’s oversight
duties and the development of the Company’s strategy, the right
The Nomination Committee had reviewed their profiles, mix of skills and experience to optimise performance, and the
curriculum vitae, the qualifications and the disclosure of their clear definition of the roles and responsibilities of the Board and
other directorships and had considered their backgrounds, individual Director.
academic qualifications, skills, experiences, time commitment
and competencies prior to their appointment as Directors of the The criteria on the evaluation of the effectiveness of the Board
Company. Committees related to, inter alia, the right composition of each
Board Committee in terms of number and expertise, whether
The Nomination Committee had considered the composition each Board Committee properly discharges its duties and
of the Board in terms of mix of skills and the Board size prior to responsibilities, and whether each Board Committee provides
recommending their appointments to the Board for approval. useful information and recommendations that assist the Board
The Nomination Committee had noted that the proposed makes better decision.
appointments would have the following benefits:-
The criteria on the evaluation of the contributions of each
(a) increased the number of senior and experienced Directors; individual Director related to, such as, whether the Director
(b) strengthen the independence of the Board (five (5) out of shares his insights, adds value to the Board, applies analytical and
eleven (11) Board members of the Company are Independent conceptual skills to the decision-making process, provides realism
Non-Executive Directors); and practical advice to Board deliberation, as well as assesses and
(c) increased the number of Independent Non-Executive Directors links short-term issues to the long-term strategy of the Company.
with accounting background recognised under paragraph
9.27(b)(ii) of the MMLR of Bursa Securities; With regards to the assessment on the independence of the
(d) increased the choices of candidates for appointment in the Independent Non-Executive Director, each Independent
respective Board Committees; and Non-Executive Director did a self-evaluation of his/her
(e) fulfilled its corporate governance goals on gender diversity. independence based on the criteria of independence as defined
under paragraph 1.01 of the MMLR of Bursa Securities, and signed-
Encik Hafez Mohd Hashim Bin Razman Md Hashim, Mr Loh Chen off a confirmation slip accordingly. In addition, each Independent
Peng, Datuk Wira Lye Ek Seang and Madam Alice Dora Boucher Non-Executive Director self-checked his/her ability to advise
had declared their independence as defined under paragraph 1.01 the Board on matters relating to any existing transactions where
of the MMLR of Bursa Securities. conflict of interests exists and on matters requiring deliberation
by Independent Non-Executive Directors such as related party
transactions. Each Independent Non-Executive Director also
re-checked and stated his/her tenure of service as Independent
Non-Executive Director in the Company in the confirmation
slip. The said confirmation slip was reviewed by the Nomination
Committee.
The Board Charter indicates the restriction for the tenure of an

Independent Non-Executive Director to a cumulative term of
nine (9) years. An Independent Non-Executive Director may

continue to serve on the Board upon reaching the nine (9)- (c) Considered and recommended changes to the compositions
year limit subject to the Independent Non-Executive Director’s of the Board and Board Committees following the resignations
re-designation as a Non-Independent Non-Executive Director. and appointments of Directors of the Company;
In the event that the Board intends to retain the Director as an
Independent Non-Executive Director after the latter has served (d) Reviewed the terms of reference as well as the roles and
a cumulative term of nine (9) years, the Board must justify the responsibilities of the Nomination Committee;
decision and seek shareholders’ approval at general meeting. In
justifying the decision, the Nomination Committee is entrusted (e) Evaluated and was satisfied with the competencies and
to assess the Director’s suitability to continue as an Independent time commitment of the Board members as well as the
Non-Executive Director based on the criteria of independence. independence of the Independent Non-Executive Directors.
The Company will be seeking shareholders’ approval on the re- The Independent Non-Executive Directors confirmed their
designation of Datuk Michael Tang Vee Mun as an Independent continued independence in accordance with Paragraph 1.01
Non-Executive Director notwithstanding that his tenure of service and Practice Note 13 of Bursa MMLR of Burse Securities; and
as an Independent Non-Executive Director has exceeded nine (9)
years at the forthcoming Annual General Meeting (“AGM”) based (f) Assessed the performances of the retiring Directors for
on the following criteria:- re-election at the 39th Annual General Meeting of the Company.
The Committee having evaluated the retiring Directors’
(a) He fulfils the criteria stated under the definition of “Independent performances, recommended them for re-election at the
Non-Executive Director” as defined in the MMLR of Bursa 39th Annual General Meeting of the Company. The resolutions
Securities; to re-elect the said Directors were subsequently approved by
the shareholders.
(b) He always demonstrates the values and principles associated
with independence in the Board room, promotes good (ii) Remuneration Committee
corporate governance practices and facilitates the Board to
perform its responsibilities effectively through his independent As at the date of this Statement, the Remuneration Committee
and objective directorship; and comprises two (2) Non-Executive Directors, and one (1)
Executive Director as follows:-
(c) He discharges his duties and role as an Independent
Non-Executive Director effectively due to his insight and good (a) Datuk Michael Tang Vee Mun
understanding of the Group’s various core business operations (Chairman – appointed w.e.f. 19 November 2018);
over time. (b) Dato’ Dickson Tan Yong Loong (Member); and
(c) Datuk Wira Lye Ek Seang
The Board took note on the requirements under Practice 4.2 of the (Member – appointed w.e.f. 19 November 2018).
MCCG whereby if the Board continues to retain the Independent
Non-Executive Director after the twelfth (12th) years tenure of
service, the Board should seek annual shareholders’ approval The Remuneration Committee assists the Board in its
through a two (2)-tier voting process. responsibilities of assessing the remuneration packages of the
Directors of the Company and key personnel of the Group.
The Nomination Committee met nine (9) times during the FY2018.
The activities of the Nomination Committee in the discharge of its The policy practiced on Directors’ remuneration by the
duties for the FY2018 were as follows:- Remuneration Committee is that the level of remuneration should
be sufficient to attract, motivate and retain Directors of the quality
(a) Reviewed the results evaluating the effectiveness of the Board required to effectively manage the businesses of the Group. As for
as a whole, the effectiveness of the Board Committees, the Non-Executive Directors, the fees reflect the experience and level
contributions of each individual Director and the independence of responsibilities undertaken by the Non-Executive Directors
of the Independent Non-Executive Directors, taking into concerned. All Directors had abstained from discussion and
consideration the required skills mix, experience, competence, decision on their own remuneration.
integrity and other requisite qualities, including core
competencies contributed by the Non-Executive Directors. The Remuneration Committee met two (2) times during the
The said evaluations, which were carried out annually, were FY2018 mainly to review the increments and bonuses for the
properly documented. The said evaluation included the review key personnel, and to make appropriate recommendation to the
of the performance of the Audit Committee of the Company Board for approval.
and each of its members;
(b) Considered and recommended candidates for appointment

as Directors to the Board of Tropicana and the entities where
the Company has interests;
The remuneration paid to the two (2) key senior management personnel for the FY2018 were as follows:-
Remuneration Range Name of Key Senior Management

RM1,000,001 and above Mr Lim Lai Seng
Mr Kelvin Choo Yung Yau
The details of the Directors’ remuneration for FY2018 are disclosed in the Corporate Governance Report which is available on the
Company’s website at www.tropicanacorp.com.my.
The proposed Directors’ fees and benefits for the FY2018 are subject to shareholders’ approval at the forthcoming AGM.
(iii) Pricing Committee
The Pricing Committee shall comprise not fewer than five (5) members, majority of whom shall be Executive Directors and a
minimum of two (2) Non-Executive Directors. As at the date of this Statement, the members are as follows:-
(a) Encik Mohd Najib Bin Abdul Aziz (Chairman – appointed w.e.f. 18 July 2018; Member – appointed w.e.f. 9 April 2018);
(b) Dato’ Dickson Tan Yong Loong (Member);
(c) Mr Dion Tan Yong Chien (Member);
(d) Mr Yeow Wai Siaw (Member – appointed w.e.f. 1 August 2018); and
(e) Datuk Wira Lye Ek Seang (Member – appointed w.e.f. 19 November 2018).
The principal objective of the Pricing Committee is to approve the minimum/net selling prices of the new launches of properties to be
developed by Tropicana Group to ensure that the prices set are market driven.
(iv) Investment Committee
The Investment Committee shall comprise not fewer than five (5) members, with at least two (2) Independent Non-Executive
Directors. As at the date of this Statement, the members are as follows:-
(a) Datuk Michael Tang Vee Mun (Chairman);

(b) Dato’ Dickson Tan Yong Loong (Member);
(c) Mr Dion Tan Yong Chien (Member);
(d) Tan Sri Dr Lim Wee Chai (Member – appointed w.e.f. 9 April 2018);
(e) Encik Hafez Mohd Hashim Bin Razman Md Hashim (Member – appointed w.e.f.18 July 2018); and
(f) Mr Yeow Wai Siaw (Member – appointed w.e.f. 1 August 2018).
The principal objectives of the Investment Committee are to enhance the shareholders’ value and to protect the stakeholders’ interests
and to ensure the continued growth and success of the Company. The Investment Committee reviews the proposed transactions or
proposed investments with a view to strategically allocate the Tropicana Group’s financial resources efficiently and to eliminate or
minimise the risk of oversight in investment decisions.

V. Board Meeting and Meetings Attendance Bursa Securities. In the intervals between
Board meetings, for any matters requiring
The Board meets at least once every quarter on a scheduled basis and additional meetings Board’s decisions, Board’s approvals are
will be convened as and when deemed necessary by the Board. The quarterly Board meetings obtained through circular resolutions. The
are scheduled in advance at the commencement of the financial year to allow the Directors resolutions passed by way of such circular
to plan their appointments ahead and endeavours to facilitate full attendance at Board resolutions were then noted by the Board
meetings. All proceedings, deliberations and conclusions of Board meetings are minuted by in the next quarterly Board meeting.
the Company Secretary and are confirmed by the Board members at the next Board meeting
and subsequently signed by the Chairman of the next Board meeting as the correct record The Directors are to allocate sufficient time
of the proceedings of the meeting, or signed by the Chairman of the meeting at which the to the Company to perform their duties
proceedings were held. effectively, including being prepared for
the meetings and contributing effectively
A total of six (6) Board meetings were held during the FY2018 and the attendance of each to the businesses of the Company.
Board member was set out as below:- Directors of the Company must not hold
directorships in more than five (5) public
Director Designation Attendance of listed companies and they should notify the
Board Meetings Board for any change of their directorship
and such notification should include an
Tan Sri Dr Lim Wee Chai* Non-Independent Non-Executive 6/6
indication of time that will be spent on the
Deputy Chairman
new appointment
Dato’ Dickson Tan Yong Loong Deputy Group Chief Executive 6/6
Officer VI. Company Secretary
Mr Dion Tan Yong Chien Group Managing Director 6/6
The appointment and removal of Company
Datuk Michael Tang Vee Mun** Non-Independent 5/6
Non-Executive Director Secretary is a matter for the Board as a
whole. The Board recognises the fact that
Encik Mohd Najib Independent Non-Executive 6/6 the Company Secretary should be suitably
Bin Abdul Aziz Director qualified and capable of carrying out the
Encik Hafez Mohd Hashim Independent Non-Executive 3/3 duties required of the post.
Bin Razman Md Hashim Director
(Appointed w.e.f. 1 July 2018) The key roles of the Company Secretary
Mr Loh Chen Peng Independent Non-Executive 2/2 are to provide unhindered advices and
(Appointed w.e.f. 1 August 2018) Director services to the Directors as and when the
need arises, and to enhance the effective
Datuk Wira Lye Ek Seang Independent Non-Executive 1/1
(Appointed w.e.f. 9 November 2018) Director functioning of the Board and to ensure
regulatory compliance.
Mr Yeow Wai Siaw Group Chief Executive Officer 2/2
(Appointed w.e.f. 1 August 2018) Other primary responsibilities of the
Tan Sri Othman Bin Abd Razak Independent Non-Executive 2/3 Company Secretary includes:
(Resigned w.e.f. 1 June 2018) Chairman
Mr Dillon Tan Yong Chin Executive Director 0/3 • advising the Board and Management
(Resigned w.e.f. 1 July 2018) on the governance issues;
Dato’ Gan Nyap Liou @ Senior Independent 2/2 • ensuring compliance of MMLR of
Gan Nyap Liow Non-Executive Director Bursa Securities and related statutory
(Resigned w.e.f. 9 April 2018) obligations;
• attending the Board, Board
Datuk Lim Thean Shiang Independent Non-Executive 4/5
(Resigned w.e.f. 9 November 2018) Director Committees and general meetings
and ensuring the Board meeting
Madam Kang Ai Lin^ Independent Non-Executive 2/2
procedures are followed and also
(Resigned w.e.f. 31 July 2018) Director
proper recording of minutes;
• ensuring the proper maintenance of
Note:
statutory registers and records;
w.e.f.: with effect from
*
Re-designated as Non-Independent Non-Executive Chairman w.e.f. 24 January 2019. • assisting the Chairman in the
**
Re-designated as Non-Independent Non-Executive Director w.e.f. 13 November 2018. preparation and conduct of meetings;
^
Appointed on 9 April 2018.
All the existing Directors as at the date of this Statement have complied with the minimum
50% attendance requirement in respect of Board meetings as stipulated in the MMLR of

• updating the Directors on any new changes and and members of the public to disclosure any improper conduct
developments to the statutory or regulatory requirements in accordance with the procedures as provided for under the
concerning their duties and responsibilities as well as those WBP and to provide protection to the employees and members
concerning the Company; and of the public who report such allegations. The WBP was also
• assisting the communications between the Board and included in the Group’s Employee’s Handbook.
Management.
The WBP is available on the Company’s website at www.
With the new corporate landscape set by the new implementation
tropicanacorp.com.my/about-tropicana/corporate-governance.
of the Companies Act 2016 (“Act”) and MCCG, the Company
Secretary had assessed the requirements of the Act and MCCG,
X. Supply of Information
facilitated training for the Board on the approaches envisaged
by the Act and MCCG and provided advice to the Board on the
The Directors have full and unrestricted access to all information
application of practices within the Group.
pertaining to the Group’s businesses and affairs to enable
them to discharge their duties. All Directors have access to
VII. Ethics and Codes
the advices and services of the Company Secretary and senior
management and may seek independent professional advice,
The Board acknowledges its leadership role in creating ethical
at the Company’s expense, if required, in furtherance of their
values and observing ethical conduct. The Board adopts and
duties. All Directors are provided with reports and other relevant
observes the Code of Ethics for Company Directors established
information on timely manner, covering various aspects of the
by the Companies Commission of Malaysia, as the Board is fully
Group’s operations and performance. The Board is also provided
supportive of the principles of the said Code of Ethics and finds it
with the agenda and a set of board papers pertaining to agenda
suitable for the Company to uphold the same principles. A copy
items prior to Board meetings to allow sufficient time for the
of the said Code of Ethics for Company Directors can be found
Directors to review, consider and deliberate on the issues and,
in the Board Charter marked as “Appendix I” on the Company’s
where necessary, to obtain further information and explanations
website at www.tropicanacorp.com.my.
to facilitate informed decision making.
VIII. Board Charter

Management is responsible for furnishing the Board with
all information that may assist the Board in discharging its
The Board is accountable and responsible for the performance
responsibilities and to facilitate informed decision making. The
and governance activities of the Group with a view of protecting
Company Secretary attends all Board meetings and ensures that
shareholders’ value and recognising the interests of all other
accurate and adequate records of the proceedings of the Board
stakeholders namely customers, suppliers, contractors,
meetings and decisions made are properly recorded. Senior
employees, regulators, members of the communities and all
management of the Group, external auditors and advisors are
others with whom Tropicana interfaces.
also invited to attend Board meetings on specific items on the
agenda which require clarification. The Board will also be briefed
The Board Charter is intended to identify the role, structure and
on latest updates on the Group’s business activities.
processes related to key governance activities of the Board. It
serves as a reference point for Board’s activities. It is designed
The Company Secretary is responsible for ensuring the Board
to provide guidance and clarity for Directors and Management
meeting procedures are followed and that applicable rules and
with regard to the role of the Board and its Committees, the
regulations are complied with. The Company Secretary updates
roles of the top key positions of the Company, the requirements
the Directors on any new changes and developments to the
of Directors in carrying out their roles and in discharging their
statutory or regulatory requirements concerning their duties
duties towards the Company as well as the Board’s operating
and responsibilities as well as general statutory compliances
practices.
whenever the changes arise.
In August 2018, the Board Charter has been revised to encompass

XI. Appointment and Re-Election to the Board
the changes to the reviews of the Act, MMLR of Bursa Securities
and Principles under the MCCG.
In accordance with the Company’s Memorandum and Articles of
Association, all Directors who are appointed by the Board either
A copy of the Board Charter is available on the Company’s
to fill a casual vacancy or as an addition to the existing Directors
website at www.tropicanacorp.com.my.
are subject to re-election by shareholders at the AGM following
their appointment. The Articles of Association also provide
IX. Whistle Blowing Policies and Procedures
that at least one-third (1/3rd) of the Directors be subjected to
re-election by rotation at each AGM, including the Group Chief
A formal Whistle-Blowing Policies and Procedures (“WBP”) has
been implemented in the Company since 1 June 2017. The WBP
is to provide an avenue for all employees of the Tropicana Group

Executive Officer, Deputy Group Chief Executive Officer, Group Managing Director and Executive Director provided always that all the
Directors shall retire from their office at least once in every three (3) years. All retiring Directors are eligible to offer themselves for
re-election at the AGM.
The Board continuously reviews its size and composition with particular consideration on its impact on the effective functioning of the
Board.
Any proposed candidate for the appointment as Director will be reviewed and recommended by the Nomination Committee to the Board
for full deliberation and approval.
XII. Directors’ Training
All Directors have attended the Mandatory Accreditation Programme (“MAP”) prescribed by Bursa Securities. The Directors are encouraged
to attend continuing education programmes and seminars to keep themselves abreast with current developments in the market place and
with new statutory and regulatory requirements. They are provided with updates from time to time on relevant new laws and regulations
affecting their directorships and relevant compliances.
Both, Encik Hafez Mohd Hashim Bin Razman Md Hashim and Mr Yeow Wai Siaw who were appointed on 1 July 2018 and 1 August 2018,
respectively, had attended the MAP training to facilitate themselves with a comprehensive understanding of the roles and responsibilities
as directors, key obligations of listed companies and directors under MMLR of Bursa Securities as well as the importance of corporate
governance.
The training programmes attended by the Directors of the Company during the FY2018 were listed as below:-
Names of Directors Titles of Seminars/Workshops/Courses Training Date
Tan Sri Dr Lim Wee Chai 1) Mastering Creativity Workshop 3 January 2018
2) Bank of Singapore Global Outlook 10 January 2018
3) Nikkei Asia 300 Summit, Singapore 18 January 2018
4) UOB Private Bank First Market Outlook 2018 27 February 2018
5) Sustainability Statement/Reporting 9 April 2018
6) B-connected by UBS, Beijing, China 26-28 April 2018
7) The JP Morgan Tech Ex-change, Shenzhen, China 10 May 2018
8) Asia – The Greater Disruptor Investor Forum, Singapore 16 May 2018
9) KWSP’s strategy visit to Germany 19-22 May 2018
10) Stewardship Asia Roundtable 2018, Singapore 4 June 2018
11) DBS Asian Insights Conference 2018, Singapore 13 July 2018
12) Top Glove Youth Leadership Submit 14 July 2018 &
22 September 2018
13) UOB Private Bank KL Investment Forum 24 July 2018
14) Alliance DBS Research 2nd Half Market Outlook 26 July 2018
15) FMM Council Brainstorming session 3 & 4 August 2018
16) Inspiring Leadership Series 28 August 2018
17) International Rubber Glove Conference & Exhibition 4-5 September 2018
18) 25th CLSA Investors Forum, Hong Kong 10-11 September 2018
19) Singapore Summit 2018 15 September 2018
20) Face to Face 3.0 with VIP (Talks: How Top Glove become the world 6 October 2018
largest manufacturer of gloves)
21) JP Morgan International Council Client Programme 25-26 October 2018
22) Forbes CEO conference 30 October 2018
23) Nomura Tokyo CEO Forum, Tokyo 4-5 December 2018
Dato’ Dickson Tan Yong Loong Sustainability Statement/Reporting 9 April 2018
Mr Dion Tan Yong Chien Sustainability Statement/Reporting 9 April 2018
Datuk Michael Tang Vee Mun Sustainability Statement/Reporting 9 April 2018

Names of Directors Titles of Seminars/Workshops/Courses Training Date
Encik Mohd Najib Bin Abdul Aziz 1) Audit Committee Conference 2018 27 March 2018
2) Sustainability Statement/Reporting 9 April 2018
Encik Hafez Mohd Hashim Bin MAP for Directors of Public Listed Companies 8-9 October 2018
Razman Md Hashim
(Appointed on 1 July 2018)
Mr Loh Chen Peng 1) Bank of Singapore Global Outlook 10 January 2018

(Appointed on 1 August 2018) 2) Briefing on Directors’ responsibility and compliance requirement for 21 February 2018
companies listed in the Singapore Stock Exchang
Datuk Wira Lye Ek Seang Would a Business Judgement Rule Help Directors Sleep Better at Night? 17 December 2018
(Appointed on 9 November 2018)
Mr Yeow Wai Siaw MAP for Directors of Public Listed Companies 3-4 September 2018
(Appointed on 1 August 2018)
ACCOUNTABILITY AND AUDIT
Financial Reporting
The Board is responsible for ensuring that the financial statements of the Company and the Group are drawn up in accordance with the
Financial Reporting Standards and the Act so as to give a true and fair view of the financial position of the Company and of the Group as at
31 December 2018 and of their financial performance and cash flows for the year then ended. The Board is committed to providing a clear,
balanced and comprehensive meaningful assessment of the Group’s financial performance and prospects, primarily through the annual
financial statements and quarterly announcements of results to shareholders. The Group’s audited financial statements for the FY2018 are
presented on pages 97 to 218 in this Annual Report.

PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT
I. Audit Committee The external auditors may and are encouraged to contact the
Audit Committee Chairman or any of the Audit Committee
members directly whenever they deem necessary to discuss
As at the date of this Statement, the Audit Committee consists
audit matters or raise any concerns in the course of their audit
of three (3) Independent Non-Executive Directors, two (2) of
of the Company’s or the Group’s financial records or accounting
whom are qualified Accountants. The members of the Audit
treatment.
Committee are as follows:-
II. Risk Management Committee
• Encik Mohd Najib Bin Abdul Aziz (Chairman);
• Encik Hafez Mohd Hashim Bin Razman Md Hashim
The Board recognises the proper risk management and internal
(Member - appointed w.e.f. 19 November 2018); and
control are important aspects of a Company’s governance,
• Mr Loh Chen Peng
management and operations.
(Member – appointed w.e.f. 19 November 2018).
As at the date of this Statement, the Risk Management

The Audit Committee assists and supports the Board in fulfilling its Committee comprises of the following members:-
fiduciary responsibilities in terms of the Group’s financial reporting
practices, accounting policies, internal controls, business ethics • Encik Hafez Mohd Hashim Bin Razman Md Hashim
policies and in assessing the suitability and independence of (Chairman – appointed w.e.f. 19 November 2018);
the Group’s external and internal auditors. The Chairman of the • Dato’ Dickson Tan Yong Loong (Member);
Audit Committee is an Independent Non-Executive Director and
• Mr Dion Tan Yong Chien (Member);
is not the Chairman of the Board. In line with MCCG, the Group
• Datuk Michael Tang Vee Mun (Member); and
has revised the terms of reference of the Audit Committee that
• Mr Loh Chen Peng
no former key audit partner could be appointed as a Director
(Member – appointed w.e.f. 19 November 2018).
(including member of the Audit Committee) before aborting a
cooling off period of at least two (2) years.
The responsibilities of the Risk Management Committee for risk
During the FY2018, the external auditors confirmed to the oversight include, amongst others, to set out the objectives,
Audit Committee members their independence throughout strategy and scope of risk management activities for the Group
the conduct of the audit engagement for the FY2018 with the and to ensure that the Group’s risk management strategy and
Company in accordance with the independence criteria set out
methodology have been implemented and consistently applied.
by the Malaysian Institute of Accountants. There is also a policy
within the external auditor firm to rotate the partner-in-charge
The Risk Management Committee held four (4) meetings during
after seven (7) years of audit engagement with the Company.
the financial year to review the quarterly risk profiles of Tropicana
Group and to review and recommend the Statement on Risk
The Audit Committee met six (6) times during the FY2018. The
Management and Internal Control for the Board’s approval.
activities of the Audit Committee for the FY2018 are reported in
the Audit Committee Report as set out on pages 91 to 93 of this
Risk Management and Internal Control
Annual Report.
Relationship with External Auditors The Board has overall responsibility for maintaining a sound
system of internal controls which includes financial controls,
The Board, through the Audit Committee, has always maintained operational and compliance controls and risk management to
a formal and transparent relationship with the external auditors. safeguard shareholders’ interests and the Company’s assets. The
Group’s system of internal control is regularly reviewed to ensure
During the FY2018, the Audit Committee had invited the external its effectiveness. While acknowledging its responsibility for the
auditors to attend its meetings held in February 2018 to discuss system of internal control, the Board is aware that such system
their audit findings and views in respect of the true and fair view cannot totally eliminate risks and thus, can never be an absolute
of Tropicana Group’s financial statements, as well as in November assurance against the Group failing to achieve its objectives.
2018 the external auditors were invited to discuss the external
audit planning memorandum. The Board has established an in-house internal audit function and
the head of internal audit reports directly to the Audit Committee.
The Audit Committee had also engaged in private sessions with
the external auditors without the presence of the Executive The Group’s Statement on Risk Management and Internal Control
Directors and employees of the Company or the Group in both for the FY2018 is set out on pages 88 to 90 of this Annual Report.
the aforesaid Audit Committee meetings held in February 2018
and November 2018.

PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS
Communications with Shareholders and Relationship with Investors Paragraph 8.29A of the MMLR of Bursa Securities has mandated all
listed issuers to carry out poll voting for any resolution set out in the
Tropicana Group recognises and practices transparency and notice of any general meeting, or in any notice of resolution which
accountability to its shareholders and investors. As such, the Group may properly be moved and is intended to be moved at any general
ensures timely dissemination of information through appropriate meeting. In addition, at least one (1) independent scrutineer will be
channels of communications to the shareholders and investors to appointed to validate the votes cast at the AGM.
ensure that they are properly informed of major developments of
the Group. Such information is communicated to them through During the last AGM held on 30 May 2018, the shareholders were
the annual reports, press releases and the various disclosures and briefed on the voting procedures by the share registrar while the results
announcements made to Bursa Securities from time to time, including of the poll were verified by the independent scrutineer, Corporate
the quarterly and annual results. These information and documents Streets Sdn Bhd and announced by the Chairman. The results of all
are accessible on Bursa Securities’ website at www.bursamalaysia. resolutions proposed at general meetings were announced to Bursa
com or the Company’s website at https://www.tropicanacorp.com. Securities.
my/investor-relations/ir-home. The Company attends to the requests
of analysts and fund managers for briefings from time to time. All Directors attended the 39th AGM except for Tan Sri Othman Bin
Abd Razak due to unforeseen urgent mater required him to attend to.
Tropicana’s website at www.tropicanacorp.com.my also provides The Board then appointed Tan Sri Dr Lim Wee Chai to chair the AGM
an avenue for shareholders and members of the public to access held on 30 May 2018.
information pertaining to Tropicana Group, which is being updated
regularly. This Statement is made in accordance with a resolution of the Board
dated 4 April 2019.
General Meetings
The Company’s AGMs are the principal forum for dialogue and
interaction with its shareholders at which the shareholders are
annually informed and updated on current developments of
Tropicana Group. The Board presents an overview of the performance
of businesses in Tropicana Group and encourages shareholders to
participate in the question and answer sessions. The Board members,
senior management and the Company’s external auditors as well
as advisors, if applicable, are available to respond to shareholders’
questions during the meeting.

ADDITIONAL
COMPLIANCE INFORMATION
The information set out below is disclosed in compliance with the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities
Berhad (“Bursa Securities”):-
1) STATUS OF UTILISATION OF PROCEEDS RAISED FROM CORPORATE PROPOSAL
Tropicana Corporation Berhad (“Company”) did not raise and did not have any balance of any proceeds from any corporate proposals
during the financial year ended 31 December 2018 (“FY2018”).
2) AUDIT AND NON-AUDIT FEES
(a) The amount of audit fees paid or payable to the Company’s external auditors for the FY2018 were as follows:-
• Incurred by the Company: RM125,000

• Incurred on a group basis: RM986,750
(b) The amount of non-audit fees paid or payable to the Company’s external auditors, or a firm or corporation affiliated to the auditors’ firm,
for the FY2018 were as follows:-
• Incurred by the Company: RM7,350

• Incurred on a group basis: RM57,800
3) MATERIAL CONTRACTS INVOLVING DIRECTORS AND MAJOR SHAREHOLDERS
Save as disclosed, there were no other material contracts (not being contracts entered into in the ordinary course of business) entered
into by the Company and/or its subsidiaries involving directors’ and major shareholders’ interests during the financial year ended
31 December 2018:-
• A conditional share sale agreement dated 14 September 2018 between the Company and Tan Sri Dato’ Tan Chee Sing (“TSDT”), Dato’
Dickson Tan Yong Loong (“DDT”), Mr Dillon Tan Yong Chin (“DTYC”) and Ms Diana Tan Sheik Ni (“DTSN”) to acquire 501,000 ordinary
shares representing 50.1% of the total paid-up capital in Peluang Duta Sdn Bhd (“PDSB”) for a purchase consideration of approximately
RM49.05 million to be fully satisfied by cash.
Relationship of Related Parties
(a) TSDT is a major shareholder and director of PDSB, a company not within the Company and its subsidiaries. TSDT is also a major
shareholder in the Company;
(b) DDT is a shareholder and director of PDSB. DDT is also a director and Deputy Group Chief Executive Officer of the Company;
(c) DTYC is a shareholder and director of PDSB. DTYC is also a director of certain subsidiary companies of the Company;
(d) DTSN is a shareholder and director of PDSB. DTSN is also a director of certain subsidiary companies of the Company;
(e) Dion Tan Yong Chien (“DT”) is a director of PDSB. DT is also the Group Managing Director of the Company; and
(f) DDT, DTYC, DTSN and DT are children of TSDT.

STATEMENT ON RISK MANAGEMENT

AND INTERNAL CONTROL
Introduction
This statement is made pursuant to Paragraph 15.26 (b) of the Main Market Listing Requirements of Bursa
Malaysia Securities Berhad on the Groups compliance with the Principles and Best Practices relating to internal
control as stipulated in the Malaysia Code of Corporate Governance and is guided by the Statement on Risk
Management & Internal Control: Guidelines for Directors of listed issuers.
Board’s Responsibility Due to limitations that are inherent in any systems of risk management
and internal control, these systems adopted by the Group are designed
T
he Board acknowledges its overall responsibility in to manage rather than to eliminate the risk of failure to achieve
establishing a sound risk management framework and business objectives. These systems can only provide reasonable but
internal control system as well as reviewing its adequacy not absolute assurance against any material financial misstatement,
and effectiveness for the Group. The Board is satisfied fraud or loss. However, the extent of responsibility does not extend
that the Group has implemented an ongoing process to identify, to include that of the Group’s associated companies for the purpose
evaluate, monitor, manage and respond to significant risks faced by of this review.
the Group in its achievement of the business goals and objectives
in consideration of the change in the business environment and Risk Management Processes and Internal Control Systems
regulatory requirements.
Risk Management Processes (“RMP”)
This ongoing review process has been in place for the entire financial The Board is committed to the development of an effective Risk
year under review by the Board to ensure that adequate and effective Management Framework for identifying, evaluating, monitoring and
Group risk management and internal control systems have been managing the significant risks affecting of its business objectives. The
embedded in all aspects of the Group’s activities. Risk Management Department and the Enterprise Risk Management
(“ERM”) program were formalised in the year 2012. The figure below
illustrates the risk management process as implemented in Tropicana
Corporation Berhad (“TCB”).
Continuous monitoring, review, communication, consultation
1. Risk Identification
Identify the risk
Risk Management
Risk Analysis
2. Risk Evaluation 6. Risk Reporting

Assess and evaluate the risk Gain assurance about effective
3. Risk Response 5. Risk Action Plan

Reduce, Spread, Transfer, Avoid Identify actions, implement response
4. Risk ownership
Define risk ownership / responsibility

STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
Continuous monitoring, review, communication and consultation Internal Control Systems

ensure that the organisation monitors risk performance and to
support the achievement of corporate objectives, protect staffs and • The Group has established clearly defined operating structure, lines
business assets and ensure financial sustainability. It forms part of TCB of authority, responsibilities and accountability. The following Board
governance framework and is applies to all employees. and Management Committees have been established to assist the
Board in discharging its duties:
All Business / Operations Heads are required to prepare and update Audit Committee
the risk register on quarterly basis, ensure the risk mitigating controls Risk Management Committee
are being implemented and risk improvements during evaluation Nomination Committee
Remuneration Committee
The Risk Management Department receives reports and risk register Pricing Committee
from Business / Operations Heads; summarises the significant items Investment Committee
and incorporates macro headwinds into the Group Risk Profile. This
will then be presented to the Risk Management Committee (“RMC”) for The committees operate within their respective defined terms of
their consideration and further action(s) to be taken; while critical risks reference approved by the Board.
will be escalated to the Board during the meeting for deliberation. The
Board has the overall responsibility for risk management and ensure • The Group has an organisational structure that is aligned with its
risk management is embedded into all processes. business and operational requirements, with clearly defined lines of
responsibility and authority levels.
To further mitigate operational risks, various policies have been
established and shared within the Company Employee’s Portal for • Internal control activities have been established in all business
easy referencing, segments within the Group with clearly defined lines of
responsibilities, authority limits for procurement and capital
Human Resource Policies expenditure, awarding of contracts, approving operating
1
To provide clarity in all aspects of the human capital expenditures and other significant transactions, segregation of
management within the Group duties, performance monitoring and safeguarding of assets.
•
Documented policies, procedures and standard operating
2 Whistleblowing policy procedures are in place to guide employees in their day to day work.
To provide an avenue for all employees of Tropicana
Group and members of the public to disclose any These policies and procedures are reviewed and revised regularly
improper conduct in accordance with the procedures as to meet changing business and operational needs and regulatory
provided for under this policy protection for employees requirements.
and members of the public who report such allegations
• Regular management and operation meetings are conducted by
senior management which comprises the Group Chief Executive
3 Group Procurement Policy Officer, Deputy Group Chief Executive Officer, Managing Directors,
To provide a system to fulfil the purchasing requirement
of the Company and to ensure that purchased items and/ Executive Directors and divisional heads.
or services conform to the specific requirements.
• Board meetings are held quarterly with a formal agenda on matters
for discussion. The Board monitors the Group’s performance by
4 Information Technology Policy reviewing the quarterly results and examines the announcement to
To strengthen internal control and prevent unauthorised
be made to Bursa Malaysia Securities Berhad.
and improper access to data, thereby ensuring the
appropriate protection of information assets
• An Integrated Management System consisting of ISO 9001:2015 has
been established and implemented to continuously provide high
Continuous risk assessment is fundamental to the Group’s risk quality products.
management process. This process will enable the Group to achieve
its business objectives and help maintain the Company’s reputation, •
Established guidelines for recruitment, human resource
while facilitating compliance with corporate governance best development and performance appraisal to enhance employees
practices. competency levels have been disseminated to all employees. A
performance management system is in place to monitor, appraise
and reward employees’.

STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
• Established training and development programme’s are identified

and scheduled for employees to acquire the necessary knowledge
Conclusion
and competency to meet their performance and job expectations
as well as to inculcate the Group’s culture of continuous learning.
In line with the Guidelines, the Group Chief Executive Officer
and Chief Financial Officer have provided assurance to the
• The Audit Committee is tasked with the duty of reviewing and
Board that the Group’s risk management and internal control
monitoring the effectiveness of the Group’s internal control
systems have operated adequately and effectively, in all material
systems. In carrying out this responsibility, the Audit Committee
aspects to meet the Group’s objectives during the financial year
relies on the support of Group Internal Audit Department (“GIAD”)
under review. There were no material control failures or adverse
which carries out internal audits on various operating units within
compliance events that have directly resulted in any material
the Group based on a risk-based audit plan approved annually by
loss to the Group.
the Audit Committee.
This Statement on Risk Management and Internal Control
Based on these audits, GIAD provides the Audit Committee with
is made in accordance with the resolution of the Board of
periodic reports highlighting observations, recommendations and
Directors dated 4 April 2019.
management action plans to improve the internal control systems.
In addition, the Audit Committee reviews and deliberates on any
matters relating to internal controls highlighted by the External
Auditors in the course of their statutory audit of the financial
statements of the Group.
Review of the Statement by External Auditors
The External Auditors have performed limited assurance procedures

on this Statement on Risk Management and Internal Control pursuant
to the scope set out in Audit and Assurance Practice Guide (“AAPG”)
3, Guidance for Auditors on Engagements to Report on the Statement
on Risk Management and Internal Control included in the Annual
Report issued by the Malaysia Institute of Accountants (“MIA”) for
inclusion in the Annual Report of the Group for the year ended 31
December 2018, and reported to the Board that nothing has come
to their attention that causes them to believe the statement intended
to be included in the Annual Report is not prepared, in all material
respects, in accordance with the disclosures required by paragraph
41 and 42 of the Guidelines, nor is the Statement factually inaccurate.
AAPG 3 does not require the External Auditors to consider whether

the Directors’ Statement on Risk Management and Internal Control
covers all risks and controls, or to form an opinion on the adequacy
and effectiveness of the Group’s risk management and internal
control system including the assessment and opinion by the Directors
and management thereon. The report from the External Auditors
was made solely for, and directed solely to the Board of Directors
in connection with their compliance with the listing requirements of
Bursa Securities and for no other purposes or parties. The External
Auditors do not assume responsibility to any person other than the
board of directors in respect of any aspect of this report.

AUDIT COMMITTEE
REPORT
The Board of Directors of Tropicana Corporation Berhad (“Tropicana” or “Company”) presents During the FY2018, the Board was satisfied
the Audit Committee Report of Tropicana for the financial year ended 31 December 2018 that the Audit Committee and its Members
(“FY2018”) as follows:- have been able to discharge its functions,
duties and responsibilities in accordance
A. Composition of the Audit Committee with the terms of reference of the Audit
Committee.
The Audit Committee comprised the following Directors during the FY2018:-
The Audit Committee has direct access to
the external auditors and internal auditors,
Attendance *
or vice versa.
Mohd Najib Bin Abdul Aziz 6/6
(Chairman / Independent Non-Executive Director) C. Term of Reference
Hafez Mohd Hashim Bin Razman Md Hashim 1/1
The Audit Committee has discharged its
(Member / Independent Non-Executive Director)
functions and carried out its duties as set
(Appointed on 19 November 2018)
out in the Terms of Reference (“TOR”).
Loh Chen Peng 1/1
(Member, Independent Non-Executive Director) The TOR of the Audit Committee had
(Appointed on 19 November 2018) been revised by the Audit Committee
on 15 August 2018 and approved by the
Dato’ Gan Nyap Liou @ Gan Nyap Liow 2/2 Board of Directors on 23 August 2018. The
(Member / Senior Independent Non-Executive Director) revised TOR is available for reference on
(Resigned on 9 April 2018)) the Company’s website at https://www.
Datuk Lim Thean Shiang 3/3 tropicanacorp.com.my/investor-relations/
(Member / Independent Non-Executive Director) board-charter.
(Appointed on 9 April 2018 and Resigned on 9 November 2018)
D. Summary of Works of the Audit
Datuk Michael Tang Vee Mun 5/5 Committee for the FY2018
(Member / Independent Non-Executive Director)
(Resigned on 19 November 2018) During the financial year under review,
the Audit Committee had carried out the
* Number of meetings attended / Number of meetings held during his tenure as member following works in accordance with its
TOR:
As at 31 December 2018, the Audit Committee was made up of no fewer than three (3)
members, who were all Independent Non-Executive Directors, including the Audit Financial Reporting
Committee Chairman. Mr. Mohd Najib Bin Abdul Aziz is a member of the Malaysian Institute • Reviewed all the unaudited quarterly
of Accountants (MIA) and the Institute of Chartered Accountants in Australia (ICAA). financial results of the Group
Mr. Loh Chen Peng is a member of Malaysia Institute of Certified Public Accountants focusing particularly on any change
(MICPA). in the accounting policies and its
implementation, significant matters
All members of the Audit Committee are financially literate. The composition of the Audit highlighted, the going concern
Committee meets the provisions of paragraphs 15.09 and 15.10 of the Main Market Listing assumption and compliance with
Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”). accounting standards and regulatory
requirements and any other legal
B. Meetings of the Audit Committee requirements for recommendation
to the Board before release to Bursa
The Audit Committee held six (6) meetings during the FY2018. The attendance record is Securities and Securities Commission
as indicated in the table under item A above, next to the respective names of the Audit Malaysia (“SC”).
Committee members.
• Reviewed the audited financial
The Executive Directors of the Board, which included the Group Chief Executive Officer, statements of the Company and the
Deputy Group Chief Executive Officer, Group Managing Director and Senior Management Group for the financial year ended
attended the Audit Committee meetings held in FY2018 upon invitation by the Chairman 31 December 2017 and ensured
of the Audit Committee. The Group’s Head of Internal Audit attended majority the Audit that the statements comply with the
Committee meetings. Financial Reporting Standards for
recommendation to the Board for
The external auditors’ attended two (2) of the Audit Committee meetings held on approval.
26 February 2018 and 21 November 2018 during the financial year under review.

AUDIT COMMITTEE REPORT
• Reviewed the significant matters highlighted by auditors in Annual Reporting

the financial statements and significant judgements made by • Reviewed the Audit Committee report, Statement of Risk
Management. Management and Internal Control and the Additional
Compliance Information to ensure adherence to legal and
• Reviewed the impact of the Malaysian Financial Reporting regulatory reporting requirements and appropriate resolution of
Standards 1, 9 and 15. accounting matters requiring judgement and recommended the
same to the Board for approval.
External Audit
• Reviewed and discussed with the external auditors’ their Others
significant audit findings in respect to the financial statements of • Reviewed the business plan for the financial years 2018-2020.
the Group for the financial year ended 31 December 2017.
• Reviewed proposed related party transactions that transpired
• Held two (2) private sessions on 26 February 2018 and within the Group to ensure that the transactions entered into
21 November 2018 with the external auditors without the were at arm’s length basis based on normal commercial terms
presence of the Executive Directors and Management, to review and compliance with MMLR of Bursa Securities.
key issues within their sphere of coverage and responsibility.
During the private sessions with the external auditors, it was • Reviewed proposed changes to the TOR of the Audit Committee.
noted that each Audit Committee member had confirmed that
they did not have any knowledge of fraud within the Group. E. Internal Audit Function
• Reviewed the external auditors’ Group Audit Plan, which outlines Overview
the audit strategy and approach for the FY2018. The Audit Committee is supported by an independent and
adequately resourced in-house Group Internal Audit Department
• Discussed and deliberated with the external auditors on the (“GIAD”) in the discharge of its duties and responsibilities. The
scope of audit and audit related services, the concept of function of GIAD is guided by its Internal Audit Charter which
materiality, areas of audit emphasis, proposed fees comprising defines the authority, duties, and responsibilities and independence
of audit fees and other fees and the audit timeline. of all GIAD members.
Internal Audit GIAD is headed by Ms. Rachel Ng Kim Gek, an associate member
• Reviewed and approved the Annual Internal Audit Plan for of The Institute of Internal Auditors Malaysia, a CPA Australia and a
FY2018 proposed by the Internal Auditors to ensure the member of Malaysian Institute of Accountants.
adequacy of the scope, coverage of works and also to ascertain
the competency and adequacy of current resources. GIAD reports functionally to the Audit Committee and maintains
its impartiality, proficiency and due professional care. The principal
• Reviewed and approved the revised changes to the Internal responsibility of GIAD is to provide independent and objective
Audit Charter proposed by the Internal Auditors to ensure that assurance and advisory services designed to add value and
the internal audit activity’s purpose, authority and responsibility improve the operations of the Group. This includes the continuous
is adequate to enable the Internal Auditors to accomplish its examination and evaluation of the adequacy and effectiveness of
objectives. the Group’s risk management, internal control and governance
processes.
• Reviewed the reports prepared by the Internal Auditors with
regards to the findings of the audit activities in line with the The audit approach and objectives are based on the guidance of the
internal audit programme, the recommendations and the Institute of Internal Auditors’ International Professional Practices
Management response. Framework (“IPPF”) and the Committee of Sponsoring Organisations
of the Treadway Commission (“COSO”) Internal Control –
• Reviewed the reports on recurrent related party transactions Integrated Framework. Reference is made to the frameworks in
of revenue nature to monitor the thresholds of the related assessing and reporting on the adequacy and effectiveness of the
party transactions to ensure compliance with MMLR of Bursa internal control, governance and risk management.
Securities.

AUDIT COMMITTEE REPORT
Activities • GIAD also reported to the Audit Committee on the adequacy,

During the financial year under review, the internal audit activities appropriateness and compliance of existing established
had been performed based on the approved audit plan. The scope procedures on the monitoring of recurrent related party
of coverage was as follows: transactions.
Project: Implementation and Management;
Sales and Marketing; Resources and Continuous Development
Sales and Credit Administration; There are seven (7) internal auditors in the Group including the Head
Property Management; of Internal Audit with professional qualifications and are members
Appointment, selection and selection of suppliers and service of The Institute of Internal Auditors Malaysia. All internal audit
providers; staff are encouraged to continuously enhance their knowledge,
Resort Management: Operations and Maintenance skills and competencies through relevant professional courses,
Department; seminars, training courses and on-the-job-training.
Resort Management: Membership Department;
Project Related Fixed Asset Management; None of the internal audit personnel has any relationships or
Discretionary Limits of Authorities; and conflict of interest that could impair their objectivity and
Statutory Compliance. independence in conducting their internal audit functions.
• GIAD performed routine audits based on the above scope of The total costs incurred for the internal audit function of the Group
coverage with an emphasis on principal risk areas. A risk-based for FY2018 was RM 819,000 (2017: RM 798,000).
approach is embedded in the planning and conduct of audits
which is guided by an Enterprise Risk Management framework. A The Audit Committee Report is made in accordance with a
total of 18 (eighteen) audit assignments were completed during resolution of the Board dated 4 April 2019.
the year.
Audit reports were issued to the Audit Committee and

Management on a quarterly basis which incorporates key
control issues, significant risks, recommendations to improve on
matters raised during the course of the audits and managements
comments and remedial actions. None of the audit findings have
resulted in any material losses, contingencies or uncertainties
that would require disclosure in the Company’s Annual Report.
• GIAD prepared the annual audit plan for deliberation and

approval by the Audit Committee.
• GIAD reviewed and revised the internal audit charter to ensure

adherence to the mandatory elements of The Institute of
Internal Auditor’s Internal Professional Practices Framework,
including the Core Principles for the Professions Practice of
Internal Auditing, the Code of Ethics, and the Definition of
Internal Auditing.
• GIAD conducted follow up reviews on a quarterly basis to

determine the adequacy, effectiveness and timeliness of
implementation of remedial actions by Management.

EDUCATION PARTNERS
At Tropicana, quality education is an important component in
building sustainable communities and ensuring the continued
development of the nation. We established three international
schools, namely St. Joseph’s Institution International School
Malaysia (Tropicana PJ Campus), GEMS International School
at Tropicana Metropark, Subang Jaya and Tenby International
School at Tropicana Aman, Kota Kemuning.
Future
I M PAC T I N G TH E
Tenby International School at Tropicana Aman, Kota Kemuning
GEMS International School at Tropicana Metropark, Subang Jaya

STATEMENT OF DIRECTORS’
RESPONSIBILITY
The Directors are required by the Companies Act 2016 (“the Act”) to prepare the financial statements for each financial year which have been
properly drawn up in accordance with the provisions of the Act, the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and
the applicable Financial Reporting Standards in Malaysia.
The Directors are responsible for ensuring that the financial statements give a true and fair view of the state of affairs of the Group and of the
Company at the end of the financial year and of the results and cash flows of the Group and of the Company for the financial year.
In preparing the financial statements, the Directors have:
• adopted appropriate accounting policies and applied them consistently;

• made judgments and estimates that are reasonable and prudent; and
• prepared the financial statements on a going concern basis.
The Directors are responsible to ensure that the Group and the Company keep accounting records which disclose the financial position of the
Group and of the Company with reasonable accuracy, enabling them to ensure that the financial statements comply with the Act.
The Directors are also responsible for taking such steps as are reasonably open to them to preserve the interests of stakeholders, to safeguard
the assets of the Group and of the Company and to detect and prevent fraud and other irregularities.

DIRECTORS’
REPORT
DIRECTORS’ REPORT
The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Company for the
financial year ended 31 December 2018.
PRINCIPAL ACTIVITIES
The principal activities of the Company are investment holding and provision of management services.
The principal activities of the subsidiaries, associate and joint ventures are disclosed in Notes 18, 19 and 20 to the financial statements
respectively.
There have been no significant changes in the nature of these principal activities during the financial year.
RESULTS
Group Company
RM’000 RM’000
Profit/(loss) net of tax for the financial year 179,831 (16,087)

Profit/(loss) attributable to:
Owners of the parent 170,029 (16,087)
Non-controlling interests 9,802 -
179,831 (16,087)
There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the financial statements.
DIVIDEND
The amount of dividend paid by the Company since 31 December 2017 was as follows:
RM’000
In respect of the financial year ended 31 December 2018:
First interim single-tier dividend of 1.6 sen per ordinary share declared on 22 January 2018 and paid on 22 February 2018 23,420
The directors do not recommend a final dividend in respect of the financial year ended 31 December 2018.
On 15 January 2019, the Board of Directors declared a first interim single-tier dividend of 2.78 sen per ordinary share in respect of the financial
year ending 31 December 2019. The dividend was paid on 20 February 2019 to the shareholders and will be accounted for as distributions to
owners in the financial year ending 31 December 2019.

DIRECTORS’ REPORT
DIRECTORS
The names of the directors of the Company in office since the beginning of the financial year to the date of this report are:
Tan Sri Dr Lim Wee Chai

Tan Sri Dato’ Tan Chee Sing (Appointed on 24 January 2019)
Yeow Wai Siaw (Appointed on 1 August 2018)
Dato’ Dickson Tan Yong Loong
Dion Tan Yong Chien
Datuk Tang Vee Mun
Mohd Najib Bin Abdul Aziz
Hafez Mohd Hashim Bin Razman Md Hashim (Appointed on 1 July 2018)
Loh Chen Peng (Appointed on 1 August 2018)
Datuk Wira Lye Ek Seang (Appointed on 9 November 2018)
Alice Dora Boucher (Appointed on 26 February 2019)
Tan Sri Othman Bin Abd. Razak (Resigned on 1 June 2018)
Dato’ Gan Nyap Liou @ Gan Nyap Liow (Resigned on 9 April 2018)
Kang Ai Lin (Appointed on 9 April 2018 and resigned on 1 July 2018)
Dillon Tan Yong Chin (Resigned on 1 July 2018)
Datuk Lim Thean Shiang (Resigned on 9 November 2018)
The names of the directors of the Company’s subsidiaries in office since the beginning of the financial year to the date of this report (not
including those directors listed above) are:
Tan Sri Dato’ Lim Kang Hoo

Tan Sri Dato’ Nik Hashim Bin Nik Abdul Rahman
Tan Sri Datuk Lee Fook Long
Tan Sri Datuk Seri Lim Keng Cheng
Dato’ Br. Paul Ho Kok Chee
Dato’ Khoo Poh Chye
Dato’ Tan Kim Kuan (Appointed on 17 October 2018)
Datuk Lim Keng Guan
Datuk Seri Haji Rizuan Bin Abdul Hamid
Andrew Ashvin a/l Podimhatia
Boo Keng Hup
Choo Yung Yau
Chua Guit Hong
Diana Tan Sheik Ni
Din Tan Yong Chia
Hii Pik Lin
Jared Ang Tzer Shen
Jeffrey Tan Siew Yang
Lee Han Ming (Appointed on 31 December 2018)
Lee Sor Phaik
Liew Voon Keong
Lim Chen Herng
Lim Lai Seng (Appointed on 1 June 2018)
Loong Mei Yin
Michael Sng Beng Hock
Mohamad Fahmi Bin Amin (Appointed on 1 March 2019)
Mohamad Sharif Bin Mok Som (Appointed on 15 January 2019)
Mohd Sohimin Bin Mohd Alayedin
Mohd Suriga Bin Md Sachari
Mohd Zapi Bin Abdullah
Nor Azlina Binti Amran
Phuar Bee Ling
Roslan Bin Yahya
Siti Zubaidah Binti Abdul Jabar
DIRECTORS’ REPORT
DIRECTORS (CONT’D.)
The names of the directors of the Company’s subsidiaries in office since the beginning of the financial year to the date of this report (not
including those directors listed above) are: (cont’d.)
Tan Chien Chyi (Appointed on 17 October 2018)

Tan Chien Wen (Appointed on 17 October 2018)
Tan Chien Yih (Appointed on 17 October 2018)
Tan Kar Eng
Tan Teow Keat
Tang Chee Heng
Ung Lay Ting
Wong Khai Shiuan
Teh Chee Huat (Resigned on 28 February 2018)
Datuk Haji Baharum Bin Haji Mohamed (Resigned on 30 May 2018)
Dato’ Sri Mohamad Norza Bin Zakaria (Resigned on 31 May 2018)
Dato’ Dr. Tengku Rethwan Bin Tengku Mansor (Resigned on 1 July 2018)
Datuk Seri Syed Ali Bin Tan Sri Syed Abbas Alhabshee (Resigned on 1 August 2018)
Lee Wee Fatt (Resigned on 27 November 2018)
Norita Binti Mohd Sidek (Resigned on 15 January 2019)
DIRECTORS’ BENEFITS
Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company was a party,
whereby the directors might acquire benefits by means of acquisition of shares in or debentures of the Company or any other body corporate.
Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits included
in the aggregate amount of emoluments received or due and receivable by the directors as shown in Note 11 to the financial statements) by
reason of a contract made by the Company or a related corporation with any director or with a firm of which the director is a member, or with
a company in which the director has a substantial financial interest, except as disclosed in Note 34 to the financial statements.
DIRECTORS’ INTERESTS
According to the register of directors’ shareholdings, the interests of directors in office at the end of the financial year in ordinary shares, and/
or warrants over ordinary shares in the Company and its related corporations during the financial year were as follows:
<---------------- Tropicana Corporation Berhad ---------------->

<------------ Number of ordinary shares ------------>
At 1 January At
2018/date of 31 December
appointment Acquired Disposed 2018
Direct interest
Tan Sri Dr Lim Wee Chai 150,702,783 - - 150,702,783

Datuk Wira Lye Ek Seang 2,893,619 - - 2,893,619
Loh Chen Peng 51,257 - - 51,257
Other than as disclosed above, none of the other directors in office at the end of the financial year had any interest in ordinary shares, and/or
warrants over ordinary shares in the Company or its related corporations during the financial year.

DIRECTORS’ REPORT
DIRECTORS’ INDEMNITY
During the financial year, the total amount of indemnity coverage and insurance premium paid for directors and officers of the Group and of
the Company were RM30,000,000 and RM36,050 respectively.
TREASURY SHARES
During the financial year, the Company repurchased 21,120,900 of its issued ordinary shares from the open market at an average price of
RM0.8713 per share. The shares repurchased are being held as treasury shares in accordance with Section 127 of the Companies Act 2016.
As at reporting date, the number of treasury shares held are 27,766,842 ordinary shares. Such treasury shares are held at carrying amount of
RM25,094,000 and further relevant details are disclosed in Note 28(b) to the financial statements.
OTHER STATUTORY INFORMATION
(a) Before the statements of comprehensive income and statements of financial position of the Group and of the Company were made out,
the directors took reasonable steps:
(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for doubtful
debts and satisfied themselves that all known bad debts had been written off and that adequate allowance had been made for
doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the ordinary
course of business had been written down to an amount which they might be expected so to realise.
(b) At the date of this report, the directors are not aware of any circumstances which would render:
(i) the amount written off for bad debts or the amount of the allowance for doubtful debts in the financial statements of the Group
and of the Company inadequate to any substantial extent; and
(ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading.
(c) At the date of this report, the directors are not aware of any circumstances which have arisen which would render adherence to the
existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.
(d) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial statements
of the Group and of the Company which would render any amount stated in the financial statements misleading.
(e) As at the date of this report, there does not exist:
(i) any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which secures the
liabilities of any other person; or
(ii) any contingent liability of the Group or of the Company which has arisen since the end of the financial year.
(f) In the opinion of the directors:
(i) no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the
end of the financial year which will or may affect the ability of the Group or of the Company to meet their obligations when they fall due;
(ii) the results of the operations of the Group and of the Company during the financial year were not substantially affected by any item,
transaction or event of a material and unusual nature; and
(iii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and
the date of this report which is likely to affect substantially the results of the operations of the Group or of the Company for the
financial year in which this report is made.

DIRECTORS’ REPORT
SIGNIFICANT AND SUBSEQUENT EVENTS
In addition to the significant events disclosed elsewhere in this report, other significant and subsequent events are disclosed respectively in
Notes 41 and 42 to the financial statements.
AUDITORS
The auditors, Ernst & Young, have expressed their willingness to continue in office.
The remuneration of the auditors of the Group and of the Company is disclosed in Note 9 to the financial statements.
INDEMNIFICATION OF AUDITORS
To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young, as part of the terms of its audit engagement
against claims by third parties arising from the audit. No payment has been made to indemnify Ernst & Young during or since the financial year.
Signed on behalf of the Board in accordance with a resolution of the directors dated 4 April 2019.
Dato’ Dickson Tan Yong Loong Dion Tan Yong Chien

STATEMENT BY DIRECTORS
PURSUANT TO SECTION 251(2) OF THE COMPANIES ACT 2016
We, Dato’ Dickson Tan Yong Loong and Dion Tan Yong Chien, being two of the directors of Tropicana Corporation Berhad, do hereby state
that, in the opinion of the directors, the accompanying financial statements set out on pages 108 to 218 are drawn up in accordance with
Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016 in
Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2018 and of their
financial performance and cash flows for the financial year then ended.
Signed on behalf of the Board in accordance with a resolution of the directors dated 4 April 2019.
Dato’ Dickson Tan Yong Loong Dion Tan Yong Chien
STATUTORY DECLARATION
PURSUANT TO SECTION 251(1)(B) OF THE COMPANIES ACT 2016
I, Lim Lai Seng, being the officer primarily responsible for the financial management of Tropicana Corporation Berhad, do solemnly and
sincerely declare that the accompanying financial statements set out on pages 108 to 218 are in my opinion correct, and I make this solemn
declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared

by the abovenamed Lim Lai Seng
at Petaling Jaya in the State of Lim Lai Seng
Selangor Darul Ehsan on 4 April 2019 [MIA 15154]
Before me,
Commissioner of Oaths

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF TROPICANA CORPORATION BERHAD (INCORPORATED IN MALAYSIA)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of Tropicana Corporation Berhad, which comprise the statements of financial position as at
31 December 2018 of the Group and of the Company, and the statements of comprehensive income, statements of changes in equity and
statements of cash flows of the Group and of the Company for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies, as set out on pages 108 to 218.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and of the Company as
at 31 December 2018, and of their financial performance and their cash flows for the year then ended in accordance with Malaysian Financial
Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia.
Basis for opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our
responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of
our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence and other ethical responsibilities

We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the
Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional
Accountants (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of
the Group and of the Company for the current year. We have determined that there are no key audit matters to communicate in our report
on the financial statements of the Company. The key audit matters for the audit of the financial statements of the Group are described below.
These matters were addressed in the context of our audit of the financial statements of the Group as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the
matter is provided in that context.
We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the financial statements section of our report,
including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment
of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to
address the matters below, provide the basis of our audit opinion on the accompanying financial statements.
Revenue and cost of sales in respect of property development activities
(Refer to Note 4 and Note 5 to the financial statements)
A significant proportion of the Group’s revenues and profits are derived from property development contracts which span more than one
accounting period. For the financial year ended 31 December 2018, property development revenue of RM1,213,332,000 and cost of sales
of RM792,520,000 accounted for approximately 74% and 71% of the Group’s revenue and cost of sales respectively. For these property
development contracts where revenue is recognised over time, the Group uses the input method which is based on the actual cost incurred
to date on the property development project as compared to the total budgeted cost for the respective development projects in accounting
for the progress towards complete satisfaction of the Group’s performance obligation.
We identified revenue and cost of sales in respect of property development activities as areas requiring audit focus as significant management’s
judgement and estimates are involved in estimating the total property development costs which include the common infrastructure costs
(which is used to determine progress towards complete satisfaction of the Group’s performance obligation and gross profit margin of the
property development activities undertaken by the Group).


KEY AUDIT MATTERS (CONT’D.)
Revenue and cost of sales in respect of property development activities (cont’d.)
(Refer to Note 4 and Note 5 to the financial statements) (cont’d.)
How our audit addressed this matter
To address these areas of audit focus, we performed, amongst others, the following procedures:
• We obtained an understanding of the internal controls over the accuracy and timing of revenue recognised in the financial statements,
including controls performed by management in estimating the total property development cost, gross profit margin and progress
towards complete satisfaction of the Group’s performance obligation of the property development activities;
• For significant property development phase, we read the sale and purchase agreements entered into with the customers to obtain an
understanding of the specific terms and conditions;
• We evaluated the assumptions applied in estimating the total property development costs for each property development phase by
examining documentary evidence such as letters of award issued to contractors to support the total budgeted costs. We also considered
the historical accuracy of management’s forecasts for the similar property development projects in evaluating the estimated total
property development costs;
• We evaluated the determination of the progress towards complete satisfaction of the Group’s performance obligation by examining
supporting evidence such as contractors’ progress claims and suppliers’ invoices; and
• We observed the progress of the property development phases by performing site visit and examined physical progress reports. We also
discussed the status of on-going property development phases with management, finance personnel and project officials.
Valuation of investment properties
(Refer to Note 17 to the financial statements)
The Group adopts fair value model for its investment properties. When estimating the fair value of a property, the objective is to estimate the
price that would be received from the sale of the investment property in an orderly transaction between market participants at the reporting
date under current market conditions. In addition, the fair value should reflect, among other things, rental income from current leases and
other assumptions that market participants would use when pricing the investment property under current market conditions, which are
highly judgmental. Accordingly, we consider this to be an area of audit focus.
How our audit addressed the matter
Our audit procedures focused on the valuations performed by firms of independent valuers, which included amongst others the following
procedures:
• We considered the objectivity, independence and expertise of the firms of independent valuers;
• We obtained an understanding of the methodology adopted by the independent valuers in estimating the fair value of the investment
properties and assessed whether such methodology is consistent with those used in the industry;
• As part of our evaluations of the fair values of investment properties, we had discussions with the independent valuers to obtain an
understanding of the property related data used as input to the valuation models; and
• We also assessed whether the discount rate used to determine the present value of the cash flows reflects the return that investors would
require if they were to choose an investment that would generate cash flows of amounts, timing and risk profile equivalent to those that
the entity expects to derive.


Information other than the financial statements and auditors’ report thereon
The directors of the Company are responsible for the other information. The other information comprises the information included in the
annual report, but does not include the financial statements of the Group and of the Company and our auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial statements of the Group and of the
Company or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial statements
The directors of the Company are responsible for the preparation of financial statements of the Group and of the Company that give a true
and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements
of the Companies Act 2016 in Malaysia. The directors are also responsible for such internal control as the directors determine is necessary to
enable the preparation of financial statements of the Group and of the Company that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements of the Group and of the Company, the directors are responsible for assessing the Group’s and the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or the Company or to cease operations, or have no realistic
alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved standards on auditing in
Malaysia and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions
of users taken on the basis of these financial statements.


Auditors’ responsibilities for the audit of the financial statements (cont’d.)
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise
professional judgement and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made
by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s or the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our auditors’ report to the related disclosures in the financial statements of the Group and of the Company or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report.
However, future events or conditions may cause the Group or the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company, including the
disclosures, and whether the financial statements of the Group and of the Company represent the underlying transactions and events in
a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to
express an opinion on the financial statements of the Group. We are responsible for the direction, supervision and performance of the
group audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial
statements of the Group and of the Company for the current year and are therefore the key audit matters. We describe these matters in our
auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.


REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of which we have not acted as
auditors, are disclosed in Note 18 to the financial statements.
OTHER MATTERS

1. As stated in Note 2.2 to the financial statements, Tropicana Corporation Berhad adopted Malaysian Financial Reporting Standards and
International Financial Reporting Standards on 1 January 2018 with a transition date of 1 January 2017. These standards were applied
retrospectively by directors to the comparative information in these financial statements, including the statements of financial position
of the Group and of the Company as at 31 December 2017 and 1 January 2017, and the statements of other comprehensive income,
statements of changes in equity and statements of cash flows of the Group and of the Company for the year ended 31 December 2017
and related disclosures. We were not engaged to report on the restated comparative information and it is unaudited. Our responsibilities
as part of our audit of the financial statements of the Group and of the Company for the year ended 31 December 2018, in these
circumstances, included obtaining sufficient appropriate audit evidence that the opening balances as at 1 January 2018 do not contain
misstatements that materially affect the financial position as at 31 December 2018 and financial performance and cash flows for the year
then ended.
2. This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies Act 2016 in
Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
Ernst & Young Hoh Yoon Hoong

AF: 0039 No. 02990/08/2020 J
Chartered Accountants Chartered Accountant
Kuala Lumpur, Malaysia

4 April 2019

STATEMENTS OF COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018
Group Company
Note 2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Revenue 4 1,635,471 1,814,774 46,297 641,996

Cost of sales 5 (1,116,287) (1,363,059) (17,376) (14,436)
Gross profit 519,184 451,715 28,921 627,560
Other income 6 103,943 63,497 130 156,428
Selling and marketing expenses (20,731) (29,919) - -
Administrative expenses (228,617) (180,782) (23,666) (13,410)
Other expenses (15,450) (13,632) (6,383) (186,890)
Operating profit/(loss) 358,329 290,879 (998) 583,688
Finance income 7 27,792 26,190 30,782 37,983
Finance costs 8 (66,855) (62,478) (44,665) (45,136)
Share of results of joint ventures 419 24,958 - -
Share of results of an associate 546 (1,121) - -
Profit/(loss) before tax 9 320,231 278,428 (14,881) 576,535
Income tax expense 12 (140,400) (88,704) (1,206) (1,978)
Profit/(loss) net of tax for the financial year 179,831 189,724 (16,087) 574,557
Other comprehensive loss to be reclassified to profit and loss

in subsequent period
Foreign currency translation (19) (35) - -
Total comprehensive income/(loss) 179,812 189,689 (16,087) 574,557
Profit attributable to:

Owners of the parent 170,029 180,887
179,831 189,724
Total comprehensive income attributable to:

Owners of the parent 170,010 180,852
179,812 189,689
Earnings per share attributable to owners of the parent

(sen per share)
- Basic 13 11.65 12.44
- Diluted 13 11.65 12.44
The accompanying accounting policies and explanatory information form an integral part of the financial statements.

STATEMENTS OF FINANCIAL POSITION - GROUP

AS AT 31 DECEMBER 2018
Note 31/12/2018 31/12/2017 01/01/2017

RM’000 RM’000 RM’000
Assets
Non-current assets
Property, plant and equipment 15 887,009 820,193 741,864
Inventories 16 2,639,007 2,048,099 2,100,810
Investment properties 17 574,732 560,099 447,519
Investment in an associate 19 52,569 37,023 38,144
Investments in joint ventures 20 240,343 426,642 401,684
Other investments 21 312 312 312
Intangible assets 22 27,130 1,475 1,475
Deferred tax assets 30 84,545 48,955 23,720
Trade and other receivables 23 14,676 10,151 39,138
Contract assets 24 17,618 - -
4,537,941 3,952,949 3,794,666
Current assets
Inventories 16 1,667,036 1,386,958 1,344,241
Trade and other receivables 23 488,705 589,129 387,782
Contract cost assets 25 46,516 141,908 231,877
Contract assets 24 288,955 416,005 516,515
Tax recoverable 30,789 39,979 47,328
Cash and bank balances 26 975,774 941,410 841,265
3,497,775 3,515,389 3,369,008
Assets classified as held for sale 27 59,100 - -
Total assets 8,094,816 7,468,338 7,163,674

STATEMENTS OF FINANCIAL POSITION - GROUP

Note 31/12/2018 31/12/2017 01/01/2017

RM’000 RM’000 RM’000
Equity and liabilities

Equity attributable to owners of the parent
Share capital 28 2,044,314 2,044,314 1,447,466
Treasury shares 28 (25,094) (6,692) (23,648)
Share premium 28 - - 577,984
Other reserves 29 1,384,450 1,237,860 1,103,541
3,403,670 3,275,482 3,105,343
Non-controlling interests 409,205 311,996 292,019
Total equity 3,812,875 3,587,478 3,397,362
Non-current liabilities
Deferred tax liabilities 30 192,434 56,924 59,634
Borrowings 31 1,333,071 1,166,038 1,261,505
Trade and other payables 32 733,467 843,013 905,252
Contract liabilities 33 137,621 139,702 141,512
2,396,593 2,205,677 2,367,903
Current liabilities
Borrowings 31 623,114 681,736 551,759
Trade and other payables 32 1,168,523 942,661 823,041
Contract liabilities 33 19,703 17,303 10,784
Tax payable 74,008 33,483 12,825
1,885,348 1,675,183 1,398,409
Total liabilities 4,281,941 3,880,860 3,766,312
Total equity and liabilities 8,094,816 7,468,338 7,163,674

STATEMENT OF FINANCIAL POSITION - COMPANY

Note 31/12/2018 31/12/2017 01/01/2017

RM’000 RM’000 RM’000
Assets
Non-current assets
Property, plant and equipment 15 1,405 1,179 1,530
Investments in subsidiaries 18 2,809,100 2,670,057 1,182,614
Other investments 21 312 312 312
Deferred tax assets 30 771 182 -
Trade and other receivables 23 389 389 53,879
2,811,977 2,672,119 1,238,335
Current assets
Trade and other receivables 23 443,970 510,153 2,105,368
Cash and bank balances 26 40,623 52,654 200,397
484,593 562,807 2,305,765
Total assets 3,296,570 3,234,926 3,544,100

Equity
Share capital 28 2,044,314 2,044,314 1,447,466
Treasury shares 28 (25,094) (6,692) (23,648)
Share premium 28 - - 577,984
Other reserves 29 642,356 681,863 153,839
Total equity 2,661,576 2,719,485 2,155,641
Non-current liability
Borrowings 31 163,985 199,806 245,240
Current liabilities
Borrowings 31 274,412 283,692 253,243
Trade and other payables 32 196,581 31,546 889,093
Tax payable 16 397 883
471,009 315,635 1,143,219
Total liabilities 634,994 515,441 1,388,459
Total equity and liabilities 3,296,570 3,234,926 3,544,100
112
<------------------------------Attributable to owners of the parent------------------------------>
<--------Non-distributable-------->
Foreign
currency Warrants
Share Treasury Share translation 2009/2019 Retained Non-
capital shares premium reserve reserve earnings Total controlling Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 reserves Total interests equity
Note 28 Note 28 Note 28 Note 29(a) Note 29(b) Note 29(c) RM’000 RM’000 RM’000 RM’000
ABOUT TROPICANA
At 1 January 2018 2,044,314 (6,692) - (110) 45,960 1,192,010 1,237,860 3,275,482 311,996 3,587,478
TROPICANA CORPORATION BERHAD

Total comprehensive (loss)/income - - - (19) - 170,029 170,010 170,010 9,802 179,812
Transactions with owners
Issuance of ordinary shares and
preference shares to non-controlling
interests - - - - - - - - 23,366 23,366

Acquisition of a subsidiary - - - - - - - - 64,689 64,689
Purchase of treasury shares - (18,402) - - - - - (18,402) - (18,402)
Dividend paid via:
- cash - - - - - (23,420) (23,420) (23,420) (648) (24,068)
Total transactions with owners - (18,402) - - - (23,420) (23,420) (41,822) 87,407 45,585
OUR STRATEGIC PERFORMANCE
At 31 December 2018 2,044,314 (25,094) - (129) 45,960 1,338,619 1,384,450 3,403,670 409,205 3,812,875
At 1 January 2017
(As presented under FRS) 1,447,466 (23,648) 577,984 (75) 45,960 1,079,213 1,703,082 3,126,900 289,084 3,415,984
Effect of adoption of MFRS - - - - - (21,557) (21,557) (21,557) 2,935 (18,622)
At 1 January 2017
(As presented under MFRS) 1,447,466 (23,648) 577,984 (75) 45,960 1,057,656 1,681,525 3,105,343 292,019 3,397,362
Total comprehensive (loss)/income - - - (35) - 180,887 180,852 180,852 8,837 189,689
OUR LEADERSHIP
Issuance of ordinary shares and

preference shares to non-controlling
interests - - - - - - - - 11,140 11,140
Purchase of treasury shares - (3,683) - - - - - (3,683) - (3,683)
Dividends paid via:
- issuance of ordinary shares
STATEMENTS OF CHANGES IN EQUITY - GROUP
pursuant to Dividend Reinvestment

Scheme (“DRS”) 22,159 - - - - (3,864) (3,864) 18,295 - 18,295
- distribution of treasury shares - 20,639 (3,295) - - (17,344) (20,639) - - -
- cash - - - - - (25,325) (25,325) (25,325) - (25,325)
Total transactions with owners 22,159 16,956 (3,295) - - (46,533) (49,828) (10,713) 11,140 427
Transition to no par value regime 574,689 - (574,689) - - - (574,689) - - -

At 31 December 2017 2,044,314 (6,692) - (110) 45,960 1,192,010 1,237,860 3,275,482 311,996 3,587,478
<----------------------------Attributable to owners of the parent---------------------------->
<---Non-distributable--->
Warrants
Share Treasury Share 2009/2019 Retained
capital shares premium reserve earnings Total Total
RM’000 RM’000 RM’000 RM’000 RM’000 reserves equity
Note 28 Note 28 Note 28 Note 29(b) Note 29(c) RM’000 RM’000
At 1 January 2018 2,044,314 (6,692) - 45,960 635,903 681,863 2,719,485

Total comprehensive loss - - - - (16,087) (16,087) (16,087)
WHAT WE’VE GOVERNED

Purchase of treasury shares - (18,402) - - - - (18,402)
Dividend paid via:
- cash - - - - (23,420) (23,420) (23,420)

Total transactions with owners - (18,402) - - (23,420) (23,420) (41,822)
At 31 December 2018 2,044,314 (25,094) - 45,960 596,396 642,356 2,661,576
At 1 January 2017 1,447,466 (23,648) 577,984 45,960 107,879 731,823 2,155,641

Total comprehensive income - - - - 574,557 574,557 574,557
Purchase of treasury shares - (3,683) - - - - (3,683)
Dividends paid via:
- issuance of ordinary shares pursuant to

Dividend Reinvestment Scheme (“DRS”) 22,159 - - - (3,864) (3,864) 18,295
- distribution of treasury shares - 20,639 (3,295) - (17,344) (20,639) -
- cash - - - - (25,325) (25,325) (25,325)
Total transactions with owners 22,159 16,956 (3,295) - (46,533) (49,828) (10,713)
Transition to no par value regime 574,689 - (574,689) - - (574,689) -
At 31 December 2017 2,044,314 (6,692) - 45,960 635,903 681,863 2,719,485

STATEMENT OF CHANGES IN EQUITY - COMPANY
OTHER INFORMATION
ANNUAL REPORT 2018

113
STATEMENTS OF CASH FLOWS - GROUP

Group
2018 2017
RM’000 RM’000
Cash flows from operating activities

Profit before tax 320,231 278,428
Adjustments for:
Depreciation of property, plant and equipment 24,258 23,715
Amortisation of intangible assets 106 -
Finance income (27,792) (26,190)
Share of results of an associate (546) 1,121
Share of results of joint ventures (419) (24,958)
Gain on disposal of investment properties - (1,444)
Net gain on disposal of property, plant and equipment (10,246) (1,957)
Property, plant and equipment written off 48 1,358
Net fair value gain on investment properties (31,422) (36,291)
Amortisation of deferred license fees (4,402) (4,321)
Amortisation of security retainers accumulation fund 11 12
Impairment loss on intangible assets 1,475 -
Impairment loss on trade and other receivables 10,255 5,256
Reversal of impairment loss on trade and other receivables (3,028) (180)
Bad debts written off 80 432
Unrealised returns on security retainers accumulation fund (281) (216)
Gain on disposal of a joint venture (24,427) -
Gain on a bargain purchase (15,911) -
Unrealised foreign exchange loss - 117
Operating profit before working capital changes 304,845 277,360
Changes in working capital:
Trade and other receivables 89,021 (177,663)
Contract cost assets 103,727 103,241
Contract assets 109,432 100,510
Inventories (206,110) (690)
Trade and other payables (114,033) 95,413
Contract liabilities 4,721 6,591
Finance costs paid (114,729) (120,476)
Net taxes paid (128,825) (88,642)
Net cash generated from operating activities 48,049 195,644

STATEMENTS OF CASH FLOWS - GROUP

Group
2018 2017
RM’000 RM’000
Cash flows from investing activities

Purchase of property, plant and equipment (96,250) (125,786)
Purchase of investment properties (712) (1,454)
Acquisition of intangible assets (1,593) -
Net cash outflow on acquisition of a subsidiary (41,241) -
Proceeds from disposal of property, plant and equipment 12,850 2,797
Proceeds from disposal of investment properties - 22,490
Proceeds from disposal of a joint venture, net 178,442 -
Subscription of shares in joint ventures (5,378) -
Advances to an associate (15,000) -
Finance income received 27,792 26,190
Net cash from/(used in) investing activities 52,475 (84,009)
Cash flows from financing activities

Payment of borrowing costs (10,841) (2,852)
Drawdown from borrowings 1,001,281 531,463
Repayment of borrowings (1,039,627) (499,912)
Repayment of hire purchase (1,456) (1,675)
Uplift/(placements) of debt service reserve, escrow accounts and deposits with licensed banks
not available for use 129,262 (150,894)
Proceeds from issuance of shares to non-controlling interests 23,366 10,540
Purchase of treasury shares (18,402) (3,683)
Dividends paid to non-controlling interest (648) -
Dividends paid to shareholders of the Company (23,420) (42,716)
Net cash from/(used in) financing activities 59,515 (159,729)
Net increase/(decrease) in cash and cash equivalents 160,039 (48,094)

Effects of foreign exchange rate changes (19) 21
Cash and cash equivalents at beginning of financial year 561,563 609,636
Cash and cash equivalents at end of financial year (Note 26) 721,583 561,563

STATEMENT OF CASH FLOWS - COMPANY

Company
2018 2017
RM’000 RM’000
Cash flows from operating activities

(Loss)/profit before tax (14,881) 576,535
Adjustments for:
Depreciation of property, plant and equipment 456 395
Finance income (30,782) (37,983)
Net gain on disposal of property, plant and equipment (24) -
Impairment loss on trade and other receivables 12 -
Impairment loss on investments in subsidiaries 6,266 184,898
Reversal of impairment loss on trade and other receivables - (108,780)
Waiver of debts to subsidiaries - 1,893
Waiver of debts from subsidiaries - (47,629)
Dividend income (28,000) (625,760)
Operating loss before working capital changes (22,288) (11,295)
Changes in working capital:
Receivables (21,472) 16,960
Payables 177,428 (72,634)
Cash generated from/(used in) operations 133,668 (66,969)
Net tax paid (2,176) (2,646)
Net cash from/(used in) operating activities 103,528 (113,399)
Cash flows from investing activities

Purchase of property, plant and equipment (317) (44)
Finance income received 30,782 32,894
Proceeds from disposal of property, plant and equipment 24 -
Subscription of additional shares in subsidiaries, net of expenses (57,666) (4,562)
Net cash (used in)/from investing activities (27,177) 28,288
Cash flows from financing activities

Drawdown from borrowings 69,360 95,172
Repayment of borrowings (119,845) (111,189)
Repayment of hire purchase (41) -
Uplift/(placements) of debt service reserve, escrow accounts and deposits with licensed banks
not available for use 12,339 (6,729)
Purchase of treasury shares (18,402) (3,683)
Payment of borrowings costs - (216)
Dividends paid to shareholders of the Company (23,420) (42,716)
Net cash used in financing activities (80,009) (69,361)
Net decrease in cash and cash equivalents (3,658) (154,472)

Cash and cash equivalents at beginning of financial year 4,700 159,172
Cash and cash equivalents at end of financial year (Note 26) 1,042 4,700
NOTES TO THE
1. CORPORATE INFORMATION
Tropicana Corporation Berhad (“the Company”) is a public limited liability company, incorporated and domiciled in Malaysia, and is listed
on the Main Market of Bursa Malaysia Securities Berhad. The registered office of the Company is located at Lot LG-A1, Lower Ground
Floor, 3 Damansara, No. 3 Jalan SS20/27, 47400 Petaling Jaya, Selangor Darul Ehsan. The principal place of business of the Company is
located at Level 2, 7, 9, 10-12, Tropicana City Office Tower, No. 3, Jalan SS20/27, 47400 Petaling Jaya, Selangor Darul Ehsan.
The principal activities of the Company are investment holding and provision of management services. The principal activities of the
subsidiaries, associate and joint ventures are disclosed in Notes 18, 19 and 20 respectively. There have been no significant changes in the
nature of these principal activities during the financial year.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on
4 April 2019.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
The financial statements of the Group and of the Company have been prepared in accordance with the Malaysian Financial
Reporting Standards (“MFRS”), International Financial Reporting Standards (“IFRS”) and the requirements of the Companies
Act 2016 in Malaysia.
The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.
The financial statements are presented in Ringgit Malaysia (“RM”) and all values are rounded to the nearest thousand (RM’000)
except when otherwise indicated.
2.2 First-time adoption of Malaysian Financial Reporting Standards (“MFRS”)
The financial statements of the Group and of the Company for financial year ended 31 December 2018 are the first set of financial
statements prepared in accordance with the MFRS Framework, hence MFRS 1 First-time Adoption of Malaysian Financial Standards
has been applied. The MFRS Framework is effective for the Group and for the Company from 1 January 2018 and the date of
transition to the MFRS Framework for the purpose of preparation of the MFRS compliant financial report is 1 January 2017.
As provided in MFRS 1, first-time adopter of MFRS Framework can elect optional exemptions from full retrospective application
of MFRS. The Group has elected not to apply MFRS 3 Business Combinations and MFRS 10 Consolidated Financial Statements
retrospectively, that is not to restate any of its business combinations that occurred before the date of transition to MFRS.
In addition, MFRS 1 provides the option to apply MFRS 123 Borrowing Costs, prospectively from the date of transition or from
a specified date prior to the date of transition. This provides relief from full retrospective application of MFRS 123 which would
requires restatement of borrowing costs component capitalised prior to the date of transition. The Group has elected to apply
MFRS 123 prospectively from the date of transition.
The Group has consistently applied the same accounting policies in its opening MFRS statement of financial position as at
1 January 2017 and throughout all comparable periods presented, as if these policies had always been in effect. Comparative
information in these financial statements have been restated to give effect to above changes. The newly effective standards which
was adopted pursuant to the adoption of the MFRS Framework, namely MFRS 15 Revenue from Contracts with Customers has
resulted in the following key changes to the financial statements.

NOTES TO THE FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.2 First-time adoption of Malaysian Financial Reporting Standards (“MFRS”) (cont’d.)
MFRS 15 Revenue from Contracts with Customers
The key effects as a result of adopting this standard on the property development activities of the Group are as follows:
(i) in respect of sales of properties that do not come under the purview of the Financial Reporting Standards Implementation
Committee (“FRSIC”) Consensus 23 Application of MFRS 15 “Revenue from Contracts with Customers” on Sale of Residential
Properties issued by the Malaysian Institute of Accountants, the Group has to assess if the property has an alternative use to
the Group and whether the sales and purchase arrangement provides the Group with an enforceable right to payment for
work completed to date, in determining whether or not the sale of property units should be recognised at a point in time
(completion method) or over time (percentage of completion method);
(ii) it requires the identification of separate performance obligations arising from the sale of property units from the various
property development projects of the Group, such as the sale of property with complimentary giveaways, and may result
in the acceleration or deferment of revenue recognition relating to these separate performance obligations depending on
when the related goods and/or services are delivered or satisfied. This would affect the timing of revenue recognition for the
property development activities;
(iii) it requires that expenses attributable to securing contracts with customers such as commission expense be capitalised and
expensed by reference to the progress towards complete satisfaction of the performance obligation; and
(iv) it views liquidated ascertained damages payable when the developer fails to deliver vacant possession within the stipulated
period as consideration payable to customers and is presented as a reduction of the transaction price which would then be
accounted for in the profit or loss over the tenure of the respective property development project instead of being accounted
for as a direct charge to the profit or loss when the obligation arises.
Apart from the above, pursuant to the adoption of MFRS 15 Revenue from Contracts with Customers, the FRSIC Consensus 17
Development of Affordable Housing, which requires the upfront recognition of provision for foreseeable losses on the development
of affordable housing on an involuntary basis, is no longer effective and was effectively withdrawn on 7 March 2018. This has
resulted in the retrospective reversal of the provision for affordable housing previously provided for in the financial statements of
the Group.
2.3 Standards issued but not yet effective
The standards, amendments to MFRSs and interpretations that are issued but not yet effective up to the date of issuance of the
Group’s and of the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these
standards, if applicable, when they become effective.
Effective for financial periods beginning on or after 1 January 2019:
MFRS 16 Leases
IC Interpretation 23 Uncertainty over Income Tax Treatments
Amendment to MFRS 9 Prepayment Features with Negative Compensation
Amendments to MFRS 128 Long-term Interests in Associates and Joint Ventures
Amendment to MFRS 3 and MFRS 11 Previously Held Interest in a Joint Arrangements (Annual Improvements to
MFRSs 2015-2017 Cycle)
Amendment to MFRS 112 Income Taxes Consequences of Payments on Financial Instruments Classified
as Equity (Annual Improvements to MFRSs 2015-2017 Cycle)
Amendments to MFRS 119 Plan Amendment, Curtailment or Settlement
Amendment to MFRS 123 Borrowing Costs Eligible for Capitalisation (Annual Improvements to MFRSs
2015-2017 Cycle)


2.3 Standards issued but not yet effective (cont’d.)
Amendments to MFRS 2 Share-based Payment

Amendments to MFRS 3 Business Combinations
Amendments to MFRS 3 Definition of business
Amendments to MFRS 6 Exploration for and Evaluation of Mineral Resources
Amendments to MFRS 14 Regulatory Deferral Accounts
Amendments to MFRS 101 Presentation of Financial Statements
Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors
Amendments to MFRS 101 and MFRS 108 Definition of material
Amendments to MFRS 134 Interim Financial Reporting
Amendments to MFRS 137 Provisions, Contingent Liabilities and Contingent Assets
Amendments to MFRS 138 Intangible Assets
Amendments to IC Interpretation 12 Service Concession Arrangements
Amendments to IC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments
Amendments to IC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine
Amendments to IC Interpretation 22 Foreign Currency Transactions and Advance Consideration
Amendments to IC Interpretation 132 Intangible Assets - Web Site Costs
MFRS 17 Insurance Contracts
Effective date deferred to a date to be determined by MASB:
Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or
Joint Venture
MFRS 16 Leases
MFRS 16 will replace MFRS 117 Leases, IC Interpretation 4 Determining whether an Arrangement contains a Lease, IC Interpretation
115 Operating Lease-Incentives and IC Interpretation 127 Evaluating the Substance of Transactions Involving the Legal Form of a
Lease. MFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees
to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under MFRS 117.
At the commencement date of a lease, a lessee will recognise a liability to make lease payments and an asset representing the right
to use the underlying asset during the lease term. Lessees will be required to recognise interest expense on the lease liability and
the depreciation expense on the right-of-use asset.
Lessor accounting under MFRS 16 is substantially the same as the accounting under MFRS 117. Lessors will continue to classify all
leases using the same classification principle as in MFRS 117 and distinguish between two types of leases: operating and finance
leases.
MFRS 16 is effective for annual periods beginning on or after 1 January 2019. Early application is permitted but not before an entity
applies MFRS 15. A lessee can choose to apply the standard using either a full retrospective or a modified retrospective approach.
The Group and the Company are in the process of assessing the impact of the above standards, amendments and interpretations
to published standards on the financial statements.


2.4 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at reporting date.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the
Group has:
(i) power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
(ii) exposure, or rights, to variable returns from its investment with the investee; and
(iii) the ability to use its power over the investee to affect its returns.
When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an investee, including:
(i) the contractual arrangement with the other vote holders of the investee;
(ii) rights arising from other contractual arrangements; and
(iii) the Group’s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or
more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and
ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed
of during the year are included in the statement of comprehensive income from the date the Group gains control until the date the
Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the owners of the parent of the
Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When
necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the
Group’s accounting policies. All intra-group transactions, balances, income and expenses and unrealised gains and losses resulting
from intra-group transactions are eliminated in full.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. When the
Group loses control over a subsidiary, the Group would derecognise all assets (including goodwill), liabilities and non-controlling
interests at their carrying amount of the subsidiary and to recognise the fair value of the consideration received.
The gain or loss on disposal is calculated as the difference between:
(i) the aggregate of the fair value of the consideration received and the fair value of any retained interest; and
(ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling
interests.
2.5 Business combinations and goodwill
Business combinations are accounted for using the acquisition method of accounting. The cost of an acquisition is measured as
the aggregate of the consideration transferred measured at fair value at the acquisition date and the amount of any non-controlling
interest in the acquiree. For each business combination, the Group elects whether to measure non-controlling interests in the
acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed
as incurred and included in administrative expenses.


2.5 Business combinations and goodwill (cont’d.)
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and
designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at acquisition date.
This includes the separation of embedded derivatives in host contracts by the acquiree.
If the business combination is achieved in stages, any previously held equity interest is re-measured at its fair value at the acquisition
date and any resulting gain or loss is recognised in profit or loss. It is then considered in the determination of goodwill.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent
consideration classified as an asset or liability that is a financial instrument and within the scope of MFRS 139 Financial Instruments:
Recognition and Measurement, is measured at fair value with changes in fair value recognised in either profit or loss or as a change
to OCI. If the contingent consideration is not within scope of MFRS 139, it is measured in accordance with the appropriate MFRSs.
Contingent consideration that is classified as equity is not re-measured and subsequent settlement is accounted for within equity.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised
for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If
the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether
it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure
the amounts to be recognised at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets
acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating
units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are
assigned to those units.
Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill
associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on
disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the
portion of the cash-generating unit retained.
2.6 Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to financial asset of one entity and a financial liability or equity instrument of
another entity.
(a) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair value through profit
or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics
and the Group’s and the Company’s business model for managing them. With the exception of trade receivables that do not
contain a significant financing component or for which the Group and the Company applied the practical expedient, the
Group and the Company have initially measure a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for
which the Group and the Company have applied the practical expedient are measured at the transaction price determined
under MFRS 15.


2.6 Financial instruments - initial recognition and subsequent measurement (cont’d.)
(a) Financial assets (cont’d.)
Initial recognition and measurement (cont’d.)
In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are ‘solely
payments of principal and interest (“SPPI”)’ on the principal amount outstanding. The assessment is referred to as the SPPI test
and is performed at an instrument level.
The Group’s and the Company’s business model for managing financial assets refer to how it manages its financial assets in
order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash
flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention
in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group and the Company
commit to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets of the Group and of the Company are classified in two categories:
- Financial assets at amortised cost (debt instruments)
- Financial assets at fair value through profit or loss
Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group and the Company. The Group and the Company measure financial assets at
amortised cost if both of the following conditions are met:
- The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual
cash flows; and
- The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest rate (“EIR”) method and are subject
to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
The Group’s and the Company’s financial assets at amortised cost are disclosed in Note 35.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value.
Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near
term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated
as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are
classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria
for debt instruments to be classified at amortised cost or at fair value through other comprehensive income (“OCI”), debt
instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly
reduces, an accounting mismatch.


Subsequent measurement (cont’d.)
Financial assets at fair value through profit or loss (cont’d.)
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with the net
changes in fair value recognised in the statement of comprehensive income.
This category includes investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends
on investments are also recognised as other income in the statement of comprehensive income when the right of payment
has been established.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised when:
- The rights to receive cash flows from the asset have expired; or
- The Group or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation
to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and
either (a) the Group or the Company has transferred substantially all the risks and rewards of the asset, or (b) the
Group or the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
When the Group or the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-
through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has
neither nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group or the
Company continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group or
the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis
that reflects the rights and obligations that the Group or the Company has retained.
On derecognition of a financial asset the difference between the carrying amount and the sum of the consideration received
together with any cumulative gain or loss that has been recognised in other comprehensive income is recognised in profit or
loss.
Impairment of financial assets
The Group and the Company assess at each reporting date whether there is any objective evidence that an asset is impaired.
The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through
profit or loss. ECLs are based on difference between the contractual cash flows due in accordance with the contract and all
the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The
expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to
the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next
12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since
initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective
of the timing of the default (a lifetime ECL).


Impairment of financial assets (cont’d.)
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group
does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.
The Group has performed its assessment based on its historical credit loss experience, adjusted for forward-looking factors
specific to the debtors and the economic environment. In making this assessment, the Group also takes into consideration
that it would maintain its name as the registered owner of the properties until full settlement is made by the purchasers or the
purchasers’ end-financiers.
(b) Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
borrowings or payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly
attributable transaction costs.
The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated
upon initial recognition as at fair value through profit or loss.
Gains or losses on liabilities held for trading are recognised in the statement of comprehensive income.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of
recognition, and only if the criteria in MFRS 9 are satisfied. The Group has not designated any financial liability as at fair value
through profit or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently
measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included as finance costs in the statement of comprehensive income.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement
of profit or loss.


(c) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is
a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise
the assets and settle the liabilities simultaneously.
2.7 Property, plant and equipment
All items of property, plant and equipment are initially recorded at cost. The cost of an item of property, plant and equipment is
recognised as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to the Group
and the Company and the cost of the item can be measured reliably. Cost includes expenditure that is directly attributable to the
acquisition of the asset. The cost of self-constructed assets includes the cost of materials, direct labour, any other costs directly
attributable to bringing the assets to working condition for its intended use, and the costs of dismantling and removing the items
and restoring the site on which they are located, for which the Group and the Company is obligated to incur, if applicable.
Subsequent to initial recognition, property, plant and equipment are measured at cost less accumulated depreciation and
accumulated impairment losses, if any. When significant parts of property, plant and equipment are required to be replaced at
intervals, the Group and the Company recognise such parts as individual assets with specific useful lives and depreciates them
accordingly. The carrying amount of parts that are replaced is derecognised. Likewise, when a major inspection is performed, its
cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All
other repair and maintenance costs are recognised in profit or loss as incurred.
Freehold land has an unlimited useful life, and therefore is not depreciated.
Construction-in-progress are not depreciated as these assets are not yet available for use.
Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:
- Freehold building: 20 to 50 years

- Leasehold land: leasehold period between 92 years to 875 years
- Leasehold buildings: 20 to 50 years
- Golf course: 99 years
- Plant and machineries: 5 to 20 years
- Office furniture, fittings and equipments: 4 to 10 years
- Motor vehicles: 5 years
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year
end and adjusted prospectively, if appropriate.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no
future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as
the difference between the net disposal proceeds and the carrying amount of the asset) is included in the profit or loss when the
asset is derecognised.


2.8 Inventories
(a) Land held for property development
Land held for property development consists of land where no development activities have been carried out or where
development activities are not expected to be completed within the normal operating cycle. Such land is classified within
non-current assets and is carried at lower of cost and net realisable value.
Land held for property development is reclassified as property development costs at the point when development activities
have commenced and where it can be demonstrated that the development activities can be completed within the normal
operating cycle.
(b) Property development costs
Property development costs are stated at the lower of costs and net realisable value. The cost of land, related development
costs common to entire development project and direct building costs less cumulative amounts recognised as expense in
the profit or loss for property under development are carried in the statements of financial position as property development
costs. The property development cost is subsequently recognised as an expense in profit or loss as and when the control of
the inventory is transferred to the customer.
Property development cost of unsold unit is transferred to completed development unit once the development is completed.
(c) Completed development properties
Completed development properties represent completed residential properties and commercial properties.
Inventories of completed residential and commercial properties are stated at the lower of cost and net realisable value. Cost is
determined on the specific identification basis and includes costs of acquisition of land, related development costs to project
and direct building costs.
(d) Consumable stores and spares
Inventories of consumables stores and spares are stated at the lower of cost and net realisable value. Cost is determined on
the first-in, first-out basis.
The cost of raw materials comprises all costs of purchase plus the cost of bringing the inventories to their present location
and condition.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the
estimated costs necessary to make the sale.
2.9 Investment properties
Investment properties are properties which are held either to earn rentals or for capital appreciation or for both and are not
substantially occupied by the Group. Investment properties also include properties that are being constructed or developed for
future use as investment properties.
Investment properties are initially measured at cost, including related transaction costs. Subsequent to initial recognition, investment
properties are stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the
fair values of investment properties are included in profit or loss in the period in which they arise, including the corresponding tax
effect. Fair values are determined based on an annual evaluation performed by an accredited external, independent valuer.


2.9 Investment properties (cont’d.)
Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from
use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the
carrying amount of the asset is recognised in the profit or loss in the period of derecognition.
If the Group determines that the fair value of an investment property under construction is not reliably determinable but expects
the fair value of the property to be reliably determinable when construction is completed, the Group shall measure that investment
property under construction at cost until either its fair value becomes reliably determinable or construction is completed (whichever
is earlier). Once the Group is able to measure reliably the fair value of an investment property under construction that has previously
been measured at cost, the Group shall measure that property at its fair value.
Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic benefits
associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and
maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the
replaced part is derecognised.
A property interest under an operating lease is classified and accounted for as an investment property on a property-by-property
basis when the Group holds it to earn rentals or for capital appreciation or both. Any such property interest under an operating
lease classified as an investment property is carried at fair value.
Transfers are made to or from investment property only when there is a change in use. For a transfer from investment property
to owner-occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. If owner-
occupied property becomes an investment property, the Group accounts for such property in accordance with the policy stated
under property, plant and equipment up to the date of change in use.
2.10 Impairment of non-financial assets
The carrying amount of assets, except for financial assets (excluding investments in subsidiaries, associate and joint ventures),
inventories, deferred tax assets, investment properties measured at fair value and non-current assets (or disposal groups) held for
sale, are reviewed at the reporting date to determine whether there is any indication of impairment. If any such indication exists, the
asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (“CGU”)
fair value less costs to sell and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not
generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
The fair value less costs to sell calculation is based on available data from binding sales transactions, conducted at arm’s length,
for similar assets or observable market prices less incremental costs for disposing of the asset. In determining fair value less costs
to sell, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model
is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other
available fair value indicators.
The value in use calculation is based on a discounted cash flow (“DCF”) model. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast
calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These
budgets and forecast calculations generally cover a period of five years and do not include restructuring activities that the Group
is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. For
longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year. The recoverable
amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate
used for extrapolation purposes. These estimates are most relevant to goodwill recognised by the Group.


2.10 Impairment of non-financial assets (cont’d.)
The impairment loss is recognised in profit or loss immediately except for a property previously revalued when the revaluation was
taken to OCI up to the amount of any previous revaluation.
A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the
asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount
of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the profit or loss
unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation surplus.
The following asset has specific characteristics for impairment testing:
Goodwill
Goodwill that has an indefinite useful life are tested annually for impairment or more frequently if events or changes in circumstances
indicate that the goodwill might be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill
relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment
loss on goodwill is not reversed in subsequent periods.
2.11 Contract assets and contract liabilities
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs
by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset
is recognised for the earned consideration that is conditional. In the case of property development and construction contracts,
contract asset is the excess of cumulative revenue earned over the billings to date. A contract asset is stated at cost less accumulated
impairment. Contract assets are subject to impairment in accordance of MFRS 9 Financial Instruments.
A contract liability is the obligation to transfer goods and services to a customer for which the Group has received consideration (or
an amount of consideration is due) from the customer. In the case of property development and construction contracts, contract
liability is the excess of the billings to date over the cumulative revenue earned. Contract liabilities are recognised as revenue when
the Group performs its obligation under the contracts.
2.12 Cash and cash equivalents
Cash and bank balances comprise cash at banks, cash in hand and short-term deposits with a maturity of three months or less that
are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.
For the purpose of statements of cash flows, cash and cash equivalents, if any, consist of cash and bank balances, net of outstanding
bank overdrafts as they are considered an integral part of the Group’s and of the Company’s cash management.
2.13 Share capital and share issuance expenses
An equity instrument is any contract that evidences a residual interest in the assets of the Group and of the Company after deducting
all of their liabilities. Ordinary shares are classified as equity instruments.
Ordinary shares are recorded at the nominal value and proceeds in excess of the nominal value of shares issued, if any, are accounted
for as share premium. Share premium is also classified as equity. Interim dividends to shareholders are recognised in equity in the
period in which they are declared. Final dividends are recognised upon approval of shareholders in a general meeting.


2.13 Share capital and share issuance expenses (cont’d.)
Effective from 31 January 2017, the new Companies Act 2016 (“the Act”) has abolished the concept of authorised share capital and
par value of share capital. Consequently, the credit balance of the share premium becomes part of the Company’s share capital
pursuant to the transitional provision set out in Section 618(2) of the Act. There is no impact on the numbers of ordinary shares in
issue or the relative entitlement of any of the members as a result of this transition.
The transaction costs of an equity transaction are accounted for as a deduction from equity. Equity transaction costs comprise only
those incremental external costs directly attributable to the equity transaction, which would otherwise have been avoided.
The Group measures a liability to distribute non cash assets as a dividend to the owners of the parent at fair value of the assets to
be distributed. The carrying amount of the dividend is remeasured at the end of each reporting period and at the settlement date,
with any changes recognised directly in equity as adjustments to the amount of the distribution. On settlement of the transaction,
the Group recognises the difference, if any, between the carrying amounts of the assets distributed and the carrying amount of the
liability in profit or loss.
When issued shares of the Company are repurchased, the consideration paid, including any attributable transaction costs, is
presented as a change in equity. Repurchased shares that have not been cancelled are classified as treasury shares and presented
as a deduction from equity. No gain or loss is recognised in profit or loss on the sale, reissuance or cancellation of treasury shares.
When treasury shares are reissued by resale, the difference between the sales consideration and the carrying amount of the
treasury shares is shown as a movement in equity.
2.14 Land use rights
Land use rights are initially measured at cost. Following initial recognition, land use rights are measured at cost less accumulated
amortisation and accumulated impairment losses, if any. The land use rights are amortised over their lease terms.
The Group has assessed and classified land use rights as finance leases based on the extent to which risks and rewards incidental
to ownership of the land resides with the Group arising from the lease term.
2.15 Subsidiaries
A subsidiary is an entity over which the Group has all the following:
(i) power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
(ii) exposure, or rights, to variable returns from its investment with the investee; and
(iii) the ability to use its power over the investee to affect its returns.
In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less impairment losses.
On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is included in profit or
loss.
2.16 Investments in an associate and joint ventures
An associate is an entity in which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture.
Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or
joint control over those policies.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net
assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when
decisions about the relevant activities require the unanimous consent of the parties sharing control.


2.16 Investments in an associate and joint ventures (cont’d.)
The considerations made in determining significant influence or joint control are similar to those necessary to determine control
over subsidiaries.
The Group’s investments in its associate and joint ventures are accounted for using the equity method.
Under the equity method, the investment in an associate or a joint venture is initially recognised at cost. The carrying amount
of the investment is adjusted to recognise changes in the Group’s share of net assets of the associate or joint venture since the
acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is
neither amortised nor individually tested for impairment.
The statement of comprehensive income reflects the Group’s share of the results of operations of the associate or joint venture.
Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognised
directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when applicable, in the
statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate or
joint venture are eliminated to the extent of the interest in the associate or joint venture. The Group recognises the excess of the
unrealised profit over the carrying amount of the associate as deferred income.
The aggregate of the Group’s share of profit or loss of an associate and joint venture is shown on the face of the statement of
comprehensive income outside operating profit and represents profit or loss after tax and non-controlling interest in the subsidiaries
of the associate or joint venture.
The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary,
adjustments are made to bring the accounting policies in line with those of the Group.
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its
investments in its associate or joint ventures. At each reporting date, the Group determines whether there is objective evidence
that the investments in the associate or joint ventures is impaired. It there is such evidence, the Group calculates the amount of
impairment loss as the difference between the recoverable amount of the associate or joint venture and its carrying value, then
recognises the loss as ‘Share of results of an associate and joint venture’ in the Group’s statement of comprehensive income.
Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognises
any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of
significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit
or loss.
In the Company’s separate financial statements, investments in an associate and joint ventures are accounted for at cost less
impairment losses. On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is
included in profit or loss.


2.17 Leases
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception
date. The arrangement is assessed for whether fulfilment of the arrangement is dependent on the use of a specific asset or assets
or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.
(a) As lessee
Finance leases that transfer substantially all the risks and benefits incidental to ownership of the leased item to the Group, are
capitalised at the commencement of the lease at the fair value of the leased property or, if lower, at the present value of the
minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so
as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised as finance
costs in the profit or loss.
A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will
obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset
and the lease term.
Operating lease payments are recognised as an operating expense in the profit or loss on a straight-line basis over the lease
term.
(b) As lessor
Leases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as
operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased
asset and recognised over the lease term. Lease income is recognised over the lease term on a straight-line basis. Contingent
rents are recognised as revenue in the period in which they are earned.
2.18 Borrowing costs
Borrowing costs are capitalised as part of the cost of a qualifying asset if they are directly attributable to the acquisition, construction
or production of that asset. Capitalisation of borrowing costs commences when the activities to prepare the asset for its intended
use or sale are in progress and the expenditures and borrowing costs are incurred. Borrowing costs are capitalised until the assets
are substantially completed for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period they are incurred. Borrowing costs consist of interest and
other costs that the Group and the Company incurred in connection with the borrowing of funds.
2.19 Government grant
Government grant is recognised where there is reasonable assurance that the grant will be received and all attached conditions will
be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that
the related cost, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is credited to the assets
when the costs for which the benefit of the grant is intended to compensate are incurred.
When the Group receives a grant of non-monetary assets, the asset and the grant are recorded at nominal amounts and released
to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset by equal annual
instalments.


2.20 Taxes
Income taxes include all domestic and foreign taxes on taxable profit. Income taxes also include other taxes, such as real property
gain taxes payable on disposal of properties, if any.
Taxation in profit or loss comprises current and deferred tax.
(a) Income tax - current income tax
Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted, at the reporting date in the countries where the Group operates and generates taxable income.
(b) Income tax - deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and
their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
- When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that
is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit
or loss; and
- In respect of taxable temporary differences associated with investments in subsidiaries, associate and joint ventures,
when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary
differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and
unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available
against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can
be utilised, except:
- When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
- In respect of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures,
deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the
foreseeable future and taxable profit will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that
future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the financial year when the asset
is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax would be recognised as income or expense and included in profit or loss for the period unless the tax relates to
items that are credited or charged in the same or a different period, directly to equity, in which the deferred tax will be charged
or credited directly to equity.


2.20 Taxes (cont’d.)
(b) Income tax - deferred tax (cont’d.)
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against
current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date,
are recognised subsequently if new information about facts and circumstances change. The adjustment is either treated as a
reduction to goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognised
in profit or loss.
(c) Malaysian Goods and Services Tax (“GST”)
On and after 1 April 2015, revenue, expenses and assets are recognised net of the amount of GST except:
- where the GST incurred in a purchase of assets or services is not recoverable from the taxation authority, in which case
the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
- receivables and payables that are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables
in the statements of financial position.
GST ceased to be effective on 1 September 2018.
(d) Sale and Service Tax (“SST”)
When SST is incurred, SST is recognised as part of the expense or cost of acqusition of the asset as SST is not recoverable.
Whereas, revenue is recognised net of the amount of SST billed as it is payable to the taxation authority. SST payable to the
taxation authority is included as part of payables in the statements of financial position.
2.21 Provisions
Provisions are recognised when the Group and the Company have a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation
can be estimated reliably.
Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer probable that an
outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of
money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the
liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
2.22 Sinking fund
Sinking fund of the Group is established for the purpose of covering periodic major repairs or capital replacements costs in the golf
and country resort of the Group. A fraction of 10% of monthly subscription fees received from the members during the financial
year are credited to this account.
The amount credited into the sinking fund account during the financial year is subsequently paid to a fund which is kept in a
separate trust account and administered by a Trustee.
Monies in the sinking fund are invested by the Trustee. Any income arising out of the investment is accrued to the fund.


2.23 Deferred license fees
License fees are received upon admission of new members to the golf and country resort of the Group, and are recognised in the
profit or loss over the remaining terms of the membership licenses, which would be expiring on 9 October 2051.
2.24 Employee benefits
(a) Short term benefits
Wages, salaries, other monetary and non-monetary benefits are measured on an undiscounted basis and are accrued in the
period in which the associated services are rendered by employees of the Group and of the Company.
Short term accumulating compensated absences such as paid annual leave are recognised as an expense when employees
render services that increase their entitlement to future compensated absences. Short term non accumulating compensated
absences such as sick leave are recognised when absences occur and they lapse if the current period’s entitlement is not used
in full and do not entitle employees to a cash payment for unused entitlement on leaving the Group and the Company.
Bonuses are recognised as an expense when there is a present, legal or constructive obligation to make such payments, as a
result of past events and when a reliable estimate can be made of the amount of the obligation.
(b) Defined contribution plan
The Group and the Company participate in the national pension schemes as defined by the laws of the countries in which it
has operations. The Malaysian companies in the Group make contributions to the Employees Provident Fund in Malaysia, a
defined contribution pension scheme. Contributions to defined contribution pension schemes are recognised as an expense
in the period in which the related service is performed.
2.25 Foreign currencies
The individual financial statements of each entity within the Group are measured using the currency of the primary economic
environment in which the entity operates. The financial statements of the Group are presented in Ringgit Malaysia, which is also
the Company’s functional currency.
(a) Transactions and balances
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot
rates at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of
exchange at the reporting date.
Differences arising on settlement or translation of monetary items are recognised in profit or loss with the exception of
monetary items that are designated as part of the hedge of the Group’s net investment of a foreign operation. These are
recognised in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss.
Tax charges and credits attributable to exchange differences on those monetary items are also recorded in OCI.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange
rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated
using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-
monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item
(i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in
OCI or profit or loss, respectively).
Any goodwill arising from the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of
assets and liabilities arising from the acquisition are treated as assets and liabilities of the foreign operation and translated at
the spot rate of exchange at the reporting date.

2.25 Foreign currencies (cont’d.)
(b) Group companies
On consolidation, the assets and liabilities of foreign operations are translated into Ringgit Malaysia at the rate of exchange
prevailing at the reporting date and their profit or loss are translated at exchange rates prevailing at the dates of the transactions.
The exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation,
the component of OCI relating to that particular foreign operation is recognised in profit or loss.
2.26 Revenue
(a) Revenue from property development
Contracts with customers may include multiple promises to customers and therefore accounted for as separate performance
obligations. In this case, the transaction price will be allocated to each performance obligation based on the stand-alone
selling prices. When these are not directly observable, they are estimated based on expected cost plus margin.
The revenue from property development is measured at the fixed transaction price agreed under the sale and purchase
agreement.
Revenue from property development is recognised as and when the control of the asset is transferred to the customer and
it is probable that the Group will collect the consideration to which it will be entitled in exchange for the asset that will be
transferred to the customer. Depending on the terms of the contract and the laws that apply to the contract, control of the
asset may transfer over time or at a point in time. Control of the asset is transferred over time if the Group’s performance does
not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance
completed to date.
This is generally established when:
- the promised properties are specifically identified by its plot, lot and parcel number and its attributes (such as its size
and location) in the sale and purchase agreements and the attached layout plan and the purchasers could enforce its
rights to the promised properties if the Group seeks to sell the unit to another purchaser. The contractual restriction on
the Group’s ability to direct the promised residential property for another use is substantive and the promised properties
sold to the purchasers do not have an alternative use to the Group; and
- the Group has the right to payment for performance completed to date and is entitled to continue to transfer to the
customer the development units promised and has the rights to complete the construction of the properties and enforce
its rights to full payment.
If control of the asset transfers over time, revenue is recognised over the period of the contract by reference to the progress
towards complete satisfaction of that performance obligation. Otherwise, revenue is recognised at a point in time when the
customer obtains control of the asset.
The Group and the Company recognise revenue over time using the input method, which is based on the actual cost incurred
to date on the property development project as compared to the total budgeted cost for the respective development projects.
The Group recognises sales at a point in time for the sale of completed properties, when the control of the properties has
been transferred to the purchasers, being when the properties have been completed and delivered to the customers and it is
probable that the Group will collect the considerations to which it will be entitled to in exchange for the assets sold.
The Group has determined that it has a significant financing component related to the sales of its property units being
developed under the deferred payment scheme. As a result of this the amount of the promised consideration is adjusted for
the significant financing component and the related interest income is recognised using the effective interest method over
the term of the deferment.


2.26 Revenue (cont’d.)
(b) Revenue from construction contracts
Under such contracts, the Group is engaged in professional landscape construction and management services. These
contracts may include multiple promises to the customers and therefore accounted for as separate performance obligations.
The fair value of the revenue, which is based on fixed price under the agreement will be allocated based on relative
stand-alone selling price of the considerations of each of the separate performance obligations.
The Group recognises construction revenue over time as the project being constructed has no alternative use to the Group
and it has an enforceable right to the payment for performance completed to date. The stage of completion is measured using
the input method, which is based on the total actual construction cost incurred to date as compared to the total budgeted
costs for the respective construction projects.
(c) Sale of goods
Revenue from sale of goods such as sale of completed properties, land and building materials is measured at fair value of the
consideration receivable and is recognised upon the transfer of significant risk and rewards of ownership of the goods to the
customer.
(d) Recreation and resort operations
Revenue from recreational club operations including subscription fees but excluding club membership fees are recognised
when the services are rendered. The payment of the transaction price is due immediately upon delivery of the services.
Recreational club membership fees which are received upfront are recognised on a straight-line basis over the tenure of the
respective memberships.
(e) Rental of hotel rooms
Revenue from rental of hotel rooms, sale of food and beverages and other related income are recognised upon provision of
the services.
(f) Dividend income
Dividend income is recognised when the right to receive payment is established.
(g) Interest income
Interest income is recognised by using the EIR method.
(h) Rental income
Rental income is accounted for on a straight-line basis over the lease terms. The aggregate costs of incentives provided to
lessees are recognised as a reduction of rental income over the lease term on a straight-line basis.
(i) Management and maintenance fees
Management and maintenance fees are recognised when services are rendered.
(j) Private school operations
Tuition fees are recognised on an accrual basis whereas enrolment, registration, resource and other fees are recognised on a
receipt basis.


2.27 Segment reporting
For management purposes, the Group is organised into operating segments based on their products and services which are
independently managed by the respective segment managers responsible for the performance of the respective segments under
their charge. The segment managers report directly to the management of the Company who regularly review the segment results
in order to allocate resources to the segments and to assess the segment performance. Additional disclosures on each of these
segments are disclosed in Note 40, including the factors used to identify the reportable segments and the measurement basis of
segment information.
2.28 Contingencies
A contingent liability or asset is a possible obligation or asset that arises from past events and whose existence will be confirmed
only by the occurrence or non-occurrence of uncertain future event(s) not wholly within the control of the Group.
Contingent liabilities and assets are not recognised in the statements of financial position of the Group.
2.29 Fair value measurement
The Group and the Company measure financial instruments such as, derivatives and non-financial assets such as investment
properties, at fair value at each reporting date. The fair values of financial instruments measured at amortised cost are disclosed in
Note 36.
The fair value of an asset or a liability, is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement assumes that the transaction to
sell the asset or transfer the liability takes place either in the principal market or in the absence of a principal market, in the most
advantageous market.
The Group and the Company measure the fair value of an asset or a liability by taking into account the characteristics of the asset
or liability if market participants would take these characteristics into account when pricing the asset or liability. The Group and the
Company have considered the following characteristics when determining fair value:
(a) The condition and location of the asset; and
(b) Restrictions, if any, on the sale or use of the assets.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming that market participants act in their economic best interest.
The fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and
best use.
The fair value of a financial or non-financial liability or an entity’s own equity instrument assumes that:
(a) A liability would remain outstanding and the market participant transferee would be required to fulfil the obligation. The
liability would not be settled with the counterparty or otherwise extinguished on the measurement date; and
(b) An entity’s own equity instrument would remain outstanding and the market participant transferee would take on the rights
and responsibilities associated with the instrument. The instrument would not be cancelled or otherwise extinguished on the
measurement date.


2.29 Fair value measurement (cont’d.)
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
(a) Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities
(b) Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable
(c) Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
The Group and the Company use valuation techniques that are appropriate in the circumstances and for which sufficient data is
available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
2.30 Earnings per share
The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares. Basic EPS for the financial year is
calculated by dividing profit or loss attributable to owners of the Parent by the weighted average number of ordinary shares
outstanding during the financial year. Diluted EPS for the financial year is calculated by adjusting profit or loss attributable to owners
of the parent by the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares.
2.31 Current and non-current classification
The Group and the Company present their assets and liabilities in the statements of financial position based on current/non-current
classification.
An asset is current when:
- It is expected to be realised or intended to be sold or consumed within the normal operating cycle;
- It is held primarily for the purpose of trading;
- It is expected to be realised within twelve months after the reporting period; or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the
reporting period.
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled within the normal operating cycle;

- It is held primarily for the purpose of trading;
- It is due to be settled within twelve months after the reporting period; or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
Deferred tax assets and liabilities are classified as non-current assets and liabilities. All other liabilities are classified as non-current.


3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the Group’s and of the Company’s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities at
the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material
adjustment to the carrying amount of the asset or liability affected in the next financial year.
3.1 Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below:
(a) Property development
The Group recognises property development revenue and expenses in the statements of comprehensive income by using an
input method which is based on costs incurred for work performed up to the reporting period relative to the total expected
cost to the satisfaction of that performance obligations.
Significant judgement is required in determining the measure of progress, the extent of the property development costs
incurred, the estimated total property development revenue and costs, as well as the recoverability of the property development
costs. In making the judgement, the Group evaluates based on past experience and by relying on the work of specialists.
The carrying amounts of the Groups’ land held for property development and property development costs are disclose in
Note 16.
(b) Deferred tax assets
Deferred tax assets are recognised for all unused tax losses, unabsorbed capital allowances and other deductible temporary
differences to the extent that it is probable that taxable profit will be available against which the losses and capital allowances
can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be
recognised, based upon the likely timing and level of future taxable profit together with future tax planning strategies. The
total unrecognised tax losses and unutilised capital allowances of the Group are disclosed in Note 12.
(c) Provision of expected credit loss of trade receivables, other receivables and contract assets
The Group and the Company assess the credit risk at each reporting date, whether there have been significant increases in
credit risk since initial recognition on an individual basis. To determine whether there is a significant increase in credit risks,
the Group and the Company consider factors such as the probability of insolvency or significant financial difficulties of the
debtors and default or significant delay in payments.
Where there is a significant increase in credit risk, the Group and the Company determine the lifetime expected credit loss by
considering the loss given default and the probability of default assigned to each counterparty customer. The financial assets
are written off either partially or full when there is no realistic prospect of recovery. This is generally the case when the Group
and the Company determine that the debtor does not have assets or sources of income that could generate sufficient cash
flows to repay the amount subject to the write-offs.
The carrying amounts of the receivables and contract assets are disclosed in Notes 23 and 24 respectively.


3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS (CONT’D.)
3.1 Key sources of estimation uncertainty (cont’d.)
(d) Impairment of investments in subsidiaries
The Company conducts impairment reviews of investments in subsidiaries whenever events or changes in circumstances
indicate that their carrying amounts may not be recoverable. Determining whether these investments are impaired requires
an estimation of their recoverable amounts which is the higher of the asset’s fair value less costs to sell and present value
of the estimated future cash flows expected to be derived from these assets including the proceeds from its disposal. Any
subsequent increase in recoverable amount is recognised in profit or loss.
During the financial year, after reviewing the business environment as well as the Company’s strategies, past and future
performance of its investments in subsidiaries, management concluded that there were impairment losses in the investment
in subsidiaries amounting to RM6,266,000 as disclosed in Note 18.
(e) Fair valuation of investment properties
The Group carries its investment properties at fair value, with changes in fair value being recognised in the profit or loss.
Significant judgement is required in determining the fair value which may be derived based on different valuation methods.
In making the judgement, the Group engaged independent valuation specialists to determine the fair values as disclosed in
Note 17.
3.2 Judgement made in applying accounting policies
In the process of applying the Group’s and the Company’s accounting policies, management has made the following judgements,
apart from there involving estimations, which have the most significant effect on the amounts recognised in the financial statements:
(a) Classification of leasehold land
The Group has assessed and classified land use rights as finance leases based on the extent to which risks and rewards
incidental to ownership of the land resides with the Group arising from the lease term. Consequently, the Group has classified
the unamortised upfront payment for land use rights as finance leases in accordance with MFRS 117 Leases.
(b) Classification between investment properties and property, plant and equipment
The Group has developed certain criteria based on MFRS 140 in making judgement whether a property qualifies as an
investment property. Investment property is a property held to earn rentals or for capital appreciation or both.
Some properties comprise a portion that is held to earn rentals or for capital appreciation and another portion that is held for
use in the production or supply of goods or services or for administrative purposes. If these portions could be sold separately
(or leased out separately under a finance lease), the Group would account for the portions separately. If the portions could not
be sold separately, the property is an investment property only if an insignificant portion is held for use in the production or
supply of goods or services or for administrative purposes. Judgement is made on an individual property basis to determine
whether ancillary services are so significant that a property does not qualify as investment property.


4. REVENUE
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Revenue from contract with customers 1,599,225 1,783,870 18,297 16,236

Revenue from other sources
- Rental and related income from investment properties 34,761 30,857 - -
- Dividend income from subsidiaries (Note 34(a)) - - 28,000 625,760
- Others 1,485 47 - -
1,635,471 1,814,774 46,297 641,996
Disaggregation of the revenue from contract with customers:
Major goods and services

Sale of development properties 1,213,332 1,547,589 - -
Sale of land 215,664 82,993 - -
Sale of building materials 33,482 47,129 - -
Revenue from recreation and resort operations 44,666 42,843 - -
Property management and maintenance fees 14,246 14,198 - -
Revenue from private school operations 42,010 29,022 - -
Revenue from landscape services 16,935 20,096 - -
Revenue from hotel operations 18,890 - - -
Management fees from subsidiaries (Note 34(a)) - - 18,297 16,236
Revenue from contracts with customers 1,599,225 1,783,870 18,297 16,236
Geographical market
Malaysia 1,599,225 1,783,870 18,297 16,236
Timing of revenue recognition

- at a point in time 362,166 226,815 18,297 16,236
- over time 1,237,059 1,557,055 - -
1,599,225 1,783,870 18,297 16,236
Revenue from contracts with customers of the Group includes RM15,579,000 (2017: RM2,543,000) that was included in contract liabilities
at the beginning of the financial year


5. COST OF SALES
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Cost of development properties

- current year 795,361 1,149,336 - -
- overprovision of property development costs in prior years (2,841) (28,504) - -
Cost of land sold (Note 16(a)) 194,922 96,620 - -
Cost of inventories sold 14,198 21,892 - -
Cost of building materials sold 29,576 41,564 - -
Provision for statutory fees 21 9,045 - -
Cost of services rendered:
- recreation and resort operations 18,742 17,723 - -
- property management and maintenance fees 9,715 10,616 - -
- investment properties 8,014 9,044 - -
- landscape services 13,909 17,394 - -
- private school operations 23,864 18,329 - -
- hotel operations 10,806 - - -
- management fees - - 17,376 14,436
1,116,287 1,363,059 17,376 14,436
6. OTHER INCOME
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Management fees 7,741 5,098 - -

Rental income 4,361 4,775 - -
Gain on disposal of property, plant and equipment 10,246 1,958 24 -
Gain on disposal of investment properties - 1,444 - -
Gain on disposal of a joint venture 24,427 - - -
Gain on a bargain purchase (Note 18 (c)) 15,911 - - -
Fair value gain on investment properties (Note 17) 31,422 36,291 - -
Forfeiture of deposits 1,296 1,947 - -
Reversal of impairment loss on trade and other receivables
(Note 23(a)) 3,028 180 - 108,780
Waiver of debts from subsidiaries (Note 34(a)) - - - 47,629
Others 5,511 11,804 106 19
103,943 63,497 130 156,428


7. FINANCE INCOME
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Finance income from:

- deposits with licensed banks 15,115 13,100 1,341 3,139
- Housing Development Accounts 11,158 6,033 - -
- amounts due from subsidiaries (Note 34(a)) - - 29,441 32,405
- unwinding of discount on amounts due from subsidiaries
(Note 34(a)) - - - 2,439
- others 1,519 7,057 - -
27,792 26,190 30,782 37,983
8. FINANCE COSTS
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Finance costs on:

- amounts due to subsidiaries (Note 34(a)) - - 15,607 15,956
- borrowings 121,164 128,722 27,964 27,932
Less: finance costs capitalised in:
- property, plant and equipment (Note 15(b)) (6,257) (7,683) - -
- land held for property development (Note 16(a)) (23,713) (17,436) - -
- property development costs (Note 16(b)) (28,475) (37,670) - -
- contract cost assets (Note 25) (8,335) (13,272) - -
- investment properties (Note 17) (178) (563) - -
Finance costs recognised to profit or loss 54,206 52,098 43,571 43,888
Add: - unwinding of discount on trade and other payables 54 538 - -
- amortisation of borrowing costs (Note 31) 12,595 9,842 1,094 1,248
Total finance costs 66,855 62,478 44,665 45,136


9. PROFIT/(LOSS) BEFORE TAX
The following amounts have been included in arriving at profit/(loss) before tax:
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Employee benefits expense (Note 10) 130,620 102,172 15,704 14,287

Auditors’ remuneration:
- audit fee 987 917 264 115
- non-audit fee 58 365 7 8
Depreciation of property, plant and equipment (Note 15) 24,258 23,715 456 395
Amortisation of intangible assets (Note 22) 106 - - -
Minimum operating lease payments:
- office premises 3,502 4,687 1,420 519
- office equipment 109 144 - -
Amortisation of deferred license fees (Note 33(a)) (4,402) (4,321) - -
Amortisation of security retainers accumulation fund (Note 23(b)(ii)) 11 12 - -
Unrealised returns on security retainers accumulation fund
(Note 23(b)(ii)) (281) (216) - -
Impairment loss on:
- trade and other receivables 10,255 5,256 12 -
- investments in subsidiaries - - 6,266 184,898
- intangible assets (Note 22) 1,475 - - -
Property, plant and equipment written off 48 1,358 - -
Loss on disposal of property, plant and equipment - 1 - -
Bad debts written off 80 432 - -
Waiver of debts to subsidiaries (Note 34(a)) - - - 1,893
Direct operating expenses arising from investment properties 8,014 9,044 - -
Unrealised foreign exchange loss - 117 - -
Management fees charged by a subsidiary (Note 34(a)) - - 5,594 1,080
Included in auditors’ remuneration of the Company amounting to RM139,000 (2017: nil) are borne and paid by the Company on behalf
of its subsidiaries.


10. EMPLOYEE BENEFITS EXPENSE
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Salaries, bonus and other emoluments 93,205 72,701 11,246 10,394

Contributions to defined contribution plan 11,125 9,586 1,192 1,190
Other benefits 26,290 19,885 3,266 2,703
Total employee benefits expenses (Note 9) 130,620 102,172 15,704 14,287
Less: Amount included in cost of sales (10,562) (4,609) (14,347) (10,752)
Included in administrative expenses 120,058 97,563 1,357 3,535
Included in employee benefits expense of the Group and of the Company are directors’ remuneration amounting to RM24,386,000
(2017: RM24,635,000) and RM7,530,000 (2017: RM9,907,000) respectively as disclosed in Note 11.
11. DIRECTORS’ REMUNERATION
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Directors of the Company

Executive:
Contributions to defined contribution plan 694 953 669 953
6,454 9,070 6,223 9,070
Non-executive:
Fees 1,121 800 1,121 800
Other emoluments 186 37 186 37
1,307 837 1,307 837
Total directors’ remuneration of the Company 7,761 9,907 7,530 9,907
Directors of the subsidiaries

Executive:
Salaries, bonus and other emoluments 14,907 13,100 - -
Contributions to defined contribution plan 1,185 1,172 - -
16,092 14,272 - -
Non-executive:
Fees 395 359 - -
Other emoluments 138 97 - -
533 456 - -
Total directors’ remuneration of the subsidiaries 16,625 14,728 - -
Total directors’ remuneration (Note 10) 24,386 24,635 7,530 9,907


11. DIRECTORS’ REMUNERATION (CONT’D.)
Analysis of directors’ remuneration:
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Total executive directors’ remuneration 22,546 23,342 6,223 9,070

Total non-executive directors’ remuneration 1,840 1,293 1,307 837
Total directors’ remuneration 24,386 24,635 7,530 9,907
The aggregate remuneration of directors of the Company are analysed into appropriate bands as follows:
Group Company
Number of directors Number of directors
2018 2017 2018 2017
Executive directors:
RM950,001 - RM1,050,000 1 - 1 -
RM1,050,001 - RM1,100,000 - - - -
RM1,100,001 - RM1,150,000 - - - -
RM1,150,001 - RM1,200,000 - 1 - 1
RM1,200,001 - RM1,600,000 1 - 1 -
RM1,600,001 - RM1,650,000 - 1 1 1
RM1,650,001 - RM2,400,000 1 - - -
RM2,400,001 - RM2,450,000 1 - 1 -
RM2,450,001 - RM2,500,000 - - - -
RM2,500,001 - RM2,550,000 - 1 - 1
RM2,550,001 - RM2,750,000 - - - -
RM2,750,001 - RM2,800,000 - - - -
RM2,800,001 - RM3,750,000 - - - -
RM3,750,001 - RM3,800,000 - 1 - 1
Non-executive directors:
RM10,001 - RM50,000 2 2 2 2
RM50,001 - RM100,000 3 - 3 -
RM100,001 - RM150,000 - 1 - 1
RM150,001 - RM200,000 2 4 2 4
RM200,001 - RM250,000 3 - 3 -


12. INCOME TAX EXPENSE
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Current income tax:

Malaysian income tax 146,020 104,507 1,082 1,856
Foreign income tax - 2 - -
Underprovision in prior years 28,417 16,083 713 304
174,437 120,592 1,795 2,160
Real property gain tax:

Current financial year 4,070 706 - -
Under/(over)provision in prior years 34 (4,649) - -
4,104 (3,943) - -
178,541 116,649 1,795 2,160
Deferred tax (Note 30):

Origination and reversal of temporary differences (34,442) (22,831) (402) (393)
(Over)/underprovision in prior year (3,699) (5,114) (187) 211
(38,141) (27,945) (589) (182)
Total income tax expense 140,400 88,704 1,206 1,978
Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2017: 24%) of the estimated assessable profit for the financial
year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.


12. INCOME TAX EXPENSE (CONT’D.)
The reconciliation between tax expense and the product of accounting profit/(loss) multiplied by the applicable corporate tax rate are as
follows:
2018 2017
RM’000 RM’000
Group
Profit before tax 320,231 278,428
Taxation at Malaysian statutory tax rate of 24% (2017: 24%) 76,855 66,823
Tax incentive and income not subject to tax (11,245) (2,833)
Expenses not deductible for tax purposes 32,732 24,860
Effect on income taxed under real property gain tax 4,070 706
Effect on different tax rates used 3,299 (2,582)
Deferred tax assets not recognised 11,473 1,796
Utilisation of previously unrecognised tax losses and unabsorbed capital allowances (1,304) (665)
Share of results of joint ventures (101) (5,990)
Share of results of an associate (131) 269
Overprovision of deferred tax in prior year (3,699) (5,114)
Underprovision of tax expense in prior years 28,417 16,083
Under/(over)provision of real property gain tax in prior years 34 (4,649)
Income tax expense 140,400 88,704
Company
(Loss)/profit before tax (14,881) 576,535
Taxation at Malaysian statutory tax rate of 24% (2017: 24%) (3,571) 138,368
Income not subject to tax (6,720) (188,455)
Expenses not deductible for tax purposes 10,971 51,550
(Over)/underprovision of deferred tax in prior year (187) 211
Underprovision of tax expense in prior years 713 304
Income tax expense 1,206 1,978


12. INCOME TAX EXPENSE (CONT’D.)
Tax savings during the financial year arising from:
Group
2018 2017
RM’000 RM’000
Utilisation of previously unused tax losses and unabsorbed capital allowances 5,433 2,771
The following are deferred tax assets which have not been recognised by the Group as they have arisen in companies that have a recent
history of losses or in companies where future taxable profit may be insufficient to trigger the utilisation of these items.
Group
2018 2017
RM’000 RM’000
Unabsorbed capital allowances 3,988 1,548

Unused tax losses 74,211 64,153
Other deductible temporary differences 53,422 23,548
131,621 89,249
In accordance with the provision in Finance Act 2018, the unused tax losses are available for utilisation in the next seven years, for which,
any excess at the end of the seventh year, will be disregarded. Deferred tax assets have not been recognised in respect of unabsorbed
capital allowances and unused tax losses because it is probable that the future taxable profit of certain loss-making subsidiaries would
not be available against which the tax losses and unabsorbed capital allowances can be utilised.


13. EARNINGS PER SHARE
Basic
Basic earnings per share is calculated by dividing net profit for the financial year, attributable to owners of the parent by the weighted
average number of ordinary shares outstanding during the financial year.
Group
2018 2017
RM’000 RM’000
Net profit attributable to owners of the parent 170,029 180,887
Number of shares (‘000)

2018 2017
Weighted average number of ordinary shares for basic earnings per share computation 1,459,079 1,453,987
Basic earnings per share (sen) 11.65 12.44
Diluted
Diluted earnings per share is calculated by dividing the net profit for the financial year attributable to owners of the parent by the
weighted average number of ordinary shares outstanding during the financial year adjusted for the dilutive effects of all potential ordinary
shares.
Group
2018 2017
RM’000 RM’000
Net profit attributable to owners of the parent 170,029 180,887
Number of shares (‘000)

2018 2017
Weighted average number of ordinary shares for basic earnings per share computation 1,459,079 1,453,987
Effects of dilution from Warrants 2009/2019 - -
Weighted average number of ordinary shares for diluted earnings per share computation 1,459,079 1,453,987
Diluted earnings per share (sen) 11.65 12.44
There were no other transactions involving ordinary shares or potential ordinary shares since the reporting date and the date of
authorisation of these financial statements.


14. DIVIDENDS
Dividends in respect of Dividends recognised in

financial year financial year
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Group and Company
First interim dividend for 2018:

First interim single-tier share dividend of 1.6 sen per ordinary
share paid by way of cash 23,420 - 23,420 -
First interim dividend for 2017:

First interim single-tier share dividend of 2 sen per ordinary
share paid by way of:
(i) issuance of ordinary shares pursuant to
Dividend Reinvestment Scheme (“DRS”) - 3,864 - 3,864
(ii) cash - 25,325 - 25,325
Second interim dividend for 2016:

Second interim single-tier share dividend paid by way of
distribution of treasury shares on the basis of 1.2 treasury shares
for every 100 existing ordinary shares held in the Company - - - 17,344
23,420 29,189 23,420 46,533
The directors do not recommend a final dividend in respect of the financial year ended 31 December 2018.
On 15 January 2019, the Board of Directors declared a first interim single-tier dividend of 2.78 sen per ordinary share in respect of the
financial year ending 31 December 2019. The dividend was paid on 20 February 2019 to the shareholders and will be accounted for as
distributions to owners in the financial year ending 31 December 2019.

152
15. PROPERTY, PLANT AND EQUIPMENT

Office
furniture,
Freehold Freehold Leasehold Leasehold Construction Golf Plant and fittings and Motor
land building land buildings in-progress course machineries equipments vehicles Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
ABOUT TROPICANA
Group
Cost

At 1 January 2018 74,687 - 175,641 258,715 340,159 53,832 34,869 85,897 14,005 1,037,805
Additions 437 - - 550 89,524 - 1,144 9,729 1,488 102,872
Disposals - - (184) (4,366) - - - (221) (2,183) (6,954)
Write off - - - (1,100) - - (1,707) (3,765) (5) (6,577)

Transfer (to)/
from property
development
costs (Note 16(b)) (361) - - - 142 - - - - (219)
1
Adjustments - - - (8,921) - - - (6) - (8,927)
Reclassifications - 310,506 - - (318,016) - - 7,510 - -
At 31 December 2018 74,763 310,506 175,457 244,878 111,809 53,832 34,306 99,144 13,305 1,118,000
Accumulated
depreciation
At 1 January 2018 - - 38,074 65,285 - 19,859 29,554 53,678 11,162 217,612
Depreciation (Note 9) - 2,120 1,031 8,760 - 942 1,562 8,062 1,781 24,258
Disposals - - (117) (2,055) - - - (75) (2,103) (4,350)
Write off - - - (1,100) - - (1,704) (3,720) (5) (6,529)
OUR LEADERSHIP
At 31 December 2018 - 2,120 38,988 70,890 - 20,801 29,412 57,945 10,835 230,991
Carrying amount 74,763 308,386 136,469 173,988 111,809 33,031 4,894 41,199 2,470 887,009
1
During the financial year, the Group has finalised certain costs incurred for one of its leasehold buildings and RM8,927,000 (2017: nil) was adjusted against other payables.
15. PROPERTY, PLANT AND EQUIPMENT (CONT’D.)

Office
furniture,
Freehold Freehold Leasehold Leasehold Construction Golf Plant and fittings and Motor
land building land buildings in-progress course machineries equipments vehicles Total
RM’000 RM’000 RM’000 RM’000 RM ‘000 RM’000 RM’000 RM’000 RM’000 RM’000
Group
Cost
At 1 January 2017 88,937 15,820 175,560 253,360 225,633 53,832 33,446 78,987 13,925 939,500
WHAT WE’VE GOVERNED
Additions 106 1,086 81 2,670 121,384 - 1,140 7,159 163 133,789

Disposals - - - - - - (174) (1,295) (83) (1,552)
Write off - - - - - - (243) (2,300) - (2,543)
Transfer to property
development costs
(Note 16(b)) (12,683) - - - (110) - - - - (12,793)
Transfer to investment
property (Note 17) (1,673) (16,906) - - - - - - - (18,579)
Reclassifications - - - 2,685 (6,748) - 700 3,363 - -
Exchange differences - - - - - - - (17) - (17)
At 31 December 2017 74,687 - 175,641 258,715 340,159 53,832 34,869 85,897 14,005 1,037,805
Accumulated
depreciation
At 1 January 2017 - 1,846 36,210 55,876 - 18,917 28,402 47,507 8,878 197,636
Depreciation (Note 9) - - 1,864 9,409 - 942 1,568 7,571 2,361 23,715
Disposals - - - - - - (174) (461) (77) (712)
Write off - - - - - - (242) (943) - (1,185)
Transfer to investment
property (Note 17) - (1,846) - - - - - - - (1,846)
Exchange differences - - - - - - - 4 - 4
At 31 December 2017 - - 38,074 65,285 - 19,859 29,554 53,678 11,162 217,612
Carrying amount 74,687 - 137,567 193,430 340,159 33,973 5,315 32,219 2,843 820,193
OTHER INFORMATION
ANNUAL REPORT 2018

153

Office
furniture,
fittings and Motor
equipments vehicles Total
RM’000 RM’000 RM’000
Company
Cost
At 1 January 2018 10,922 254 11,176
Additions 170 512 682
Disposals - (247) (247)
At 31 December 2018 11,092 519 11,611
Accumulated depreciation
At 1 January 2018 9,743 254 9,997
Depreciation (Note 9) 399 57 456
Disposals - (247) (247)
At 31 December 2018 10,142 64 10,206
Carrying amount 950 455 1,405
Cost
At 1 January 2017 10,878 254 11,132
Additions 44 - 44
At 31 December 2017 10,922 254 11,176
Accumulated depreciation
At 1 January 2017 9,349 253 9,602
Depreciation (Note 9) 394 1 395
At 31 December 2017 9,743 254 9,997
Carrying amount 1,179 - 1,179



(a) The carrying amounts of property, plant and equipment pledged as securities for borrowings as disclosed in Note 31 are as follows:
Group
2018 2017
RM’000 RM’000
Freehold land and buildings 388,955 65,665

Leasehold land and buildings 289,306 303,583
Golf course 33,030 33,973
711,291 403,221
(b) Finance costs capitalised during the financial year under construction-in-progress of the Group amounted to RM6,257,000
(2017: RM7,683,000) as disclosed in Note 8.
(c) The Group’s construction-in-progress relates mainly to expenditure for a proposed hotel located at Jalan Macalister, Penang which
is expected to be completed in 2019.
(d) During the financial year, the Group and the Company acquired property, plant and equipment with an aggregate cost of RM365,000
(2017: RM320,000) and RM365,000 (2017: nil) by means of hire purchase respectively. The cash outflow on acquisition of property,
plant and equipment of the Group and of the Company amounted to RM96,250,000 (2017: RM126,106,000) and RM317,000
(2017: RM44,000) respectively.
The carrying amounts of the Group’s and the Company’s property, plant and equipment held under hire purchase at the end of the
financial year were RM1,456,000 (2017: RM1,731,000) and RM455,000 (2017: nil) respectively.
16. INVENTORIES
Group
2018 2017
RM’000 RM’000
At cost
Non-current
Land held for property development 2,639,007 2,048,099
Current
Completed development properties 127,165 30,861
Consumable stores and spares 2,105 1,032
Property development costs 1,537,766 1,355,065
1,667,036 1,386,958
Total inventories 4,306,043 3,435,057


16. INVENTORIES (CONT’D.)
(a) Land held for property development

Group
2018 2017
RM’000 RM’000
Cost
At 1 January
Freehold land 1,122,789 1,159,458
Leasehold land 925,310 941,352
2,048,099 2,100,810
Additions 156,355 74,188
Acquisition of a subsidiary 645,000 -
Transfer to property development costs (Note 16(b)) (15,525) (30,279)
Disposals (Note 5) (194,922) (96,620)
At 31 December 2,639,007 2,048,099
Carrying amount 2,639,007 2,048,099
Finance costs capitalised during the financial year under land held for property development amounted to RM23,713,000
(2017: RM17,436,000) as disclosed in Note 8.
(b) Property development costs
Group
2018 2017
RM’000 RM’000
Property development costs:

At 1 January 1,355,065 1,309,310
Development costs incurred 288,701 60,887
Finance costs capitalised (Note 8) 28,475 37,670
Land costs 217 288
Transfers from/(to):
Land held for property development (Note 16(a)) 15,525 30,279
Investment properties (Note 17) (44,969) (78,585)
Property, plant and equipment (Note 15) 219 12,793
Completed development properties (105,467) (17,577)
1,537,766 1,355,065
Certain inventories with carrying amount of RM1,168,656,000 (2017: RM1,892,897,000) are pledged as securities for bank borrowings
as disclosed in Note 31.


17. INVESTMENT PROPERTIES
Freehold Leasehold
land and land and Construction
buildings buildings in-progress Total
RM’000 RM’000 RM’000 RM’000
Group
Fair value
At 1 January 2018 205,281 273,960 80,858 560,099
Additions - 185 705 890
Adjustments 1
- (3,548) - (3,548)
Fair value adjustment:
- (loss)/gain (Note 6) (3,748) 35,170 - 31,422
Transfer from property development costs (Note 16(b)) - 44,969 - 44,969
Transfer to assets classified as held for sale (Note 27) (22,800) (36,300) - (59,100)
At 31 December 2018 178,733 314,436 81,563 574,732
At 1 January 2017 96,000 272,632 78,887 447,519

Additions 46 - 1,971 2,017
Fair value adjustment:
- gain (Note 6) 34,963 1,328 - 36,291
Transfer from property, plant and equipment (Note 15) 16,733 - - 16,733
Transfer from property development costs (Note 16(b)) 78,585 - - 78,585
Disposals (21,046) - - (21,046)
At 31 December 2017 205,281 273,960 80,858 560,099
1
During the financial year, the Group has finalised certain costs incurred for the investment properties amounting to RM3,548,000
(2017: nil).
Finance costs capitalised during the financial year under investment properties under construction amounted to RM178,000
(2017: RM563,000) as disclosed in Note 8.
The carrying amounts of the investment properties pledged as securities for bank borrowings as disclosed in Note 31 are as follows:
Group
2018 2017
RM’000 RM’000
Freehold land and buildings 162,000 136,791

Leasehold land and buildings 225,300 229,924
387,300 366,715


17. INVESTMENT PROPERTIES (CONT’D.)
The Group has no restrictions on the realisability of its investment properties and no contractual obligations to either purchase, construct
or develop investment properties or for repairs, maintenance and enhancements.
Investment properties are stated at fair value, which had been determined based on valuations as at 31 December 2018 and
31 December 2017 performed by accredited independent valuers who are specialists in valuing these types of investment properties.
The fair value of the properties had been determined using the cost method, comparison method and investment method depending
on the nature of the properties.
Fair value hierarchy disclosures for investment properties is disclosed in Note 36.
Reconciliation of fair values:
Freehold Leasehold
land and land and
buildings buildings
RM’000 RM’000
At 1 January 2018 205,281 273,960

Additions - 185
Adjustments 1
- (3,548)
Re-measurement recognised in profit or loss (3,748) 35,170
Transfer from property development cost (Note 16(b)) - 44,969
Transfer to assets classified as held for sale (Note 27) (22,800) (36,300)
At 31 December 2018 178,733 314,436
At 1 January 2017 96,000 272,632

Additions 46 -
Re-measurement recognised in profit or loss 34,963 1,328
Transfer from property, plant and equipment (Note 15) 16,733 -
Transfer from property development costs (Note 16(b)) 78,585 -
Disposals (21,046) -
At 31 December 2017 205,281 273,960


17. INVESTMENT PROPERTIES (CONT’D.)
Description of valuation techniques used and key inputs to valuation on investment properties:
Valuation techniques Significant unobservable inputs Range

Commercial building Investment method** Estimated rental value per sqft per month RM1.00 to RM6.00
Long-term vacancy rate 5.0% to 10.0%
Discount rate 3.75% to 8.0%
Commercial building Cost method Buildings are valued by reference to the current estimates RM20.00 per sqft to
on construction cost to erect equivalent buildings, taking RM230.00 per sqft
into consideration similar accommodation in terms of size,
construction, finishes, contractors’ overheads, fees and
profits. Appropriate adjustments are then made for the
factors of obsolescence and existing physical condition of
the building.
Land Comparison method The comparison method entails analysing recent -30.0% to 20.0%
transactions and asking prices of similar property in
and around the locality for comparison purposes with
adjustments made for differences in location, visibility, size
and tenure.
** The investment method entails determining the net annual income by deducting the annual outgoings from the gross annual
income and capitalising the net income by a suitable rate of return consistent with the type and quality of the investment to arrive
at the market value of the subject property.
18. INVESTMENTS IN SUBSIDIARIES

Company
2018 2017
RM’000 RM’000
Unquoted shares in Malaysia, at cost 3,098,173 2,952,864

Discount on amounts due from subsidiaries 47,910 47,910
3,146,083 3,000,774
Less: Accumulated impairment losses (336,983) (330,717)
2,809,100 2,670,057


18. INVESTMENTS IN SUBSIDIARIES (CONT’D.)

Details of the subsidiaries are as follows:

Name of subsidiaries Country of Principal activities Effective interest held Effective interest held by
incorporation by the Group# non-controlling interests#
2018 2017 2018 2017
% % % %
Advent Nexus Sdn. Bhd. Malaysia Providing hotel management 100 100 - -
services
Arah Pelangi Sdn. Bhd. Malaysia Property development 100 100 - -
Tropicana Marketplace Malaysia Provisional of sales and 100 100 - -
Sdn. Bhd. marketing activities
Bakat Rampai Sdn. Bhd. Malaysia Investment holding 100 100 - -
(“BRSB”)
Subsidiaries of BRSB:
Dicorp Land Sdn. Bhd. Malaysia Property development 100 100 - -
Tropicana Indah Malaysia Investment holding 100 100 - -
Realty Sdn. Bhd.
(“TIRSB”)
Subsidiary of TIRSB:
Tropicana Indah Malaysia Property development 70 70 30 30
Sdn. Bhd. (“TISB”)
Tropicana City Malaysia Property development and 100 100 - -
Sdn. Bhd. (“TCSB”) property investment
Subsidiaries of TCSB:
Dicasa Management Malaysia Property management and 100 100 - -
Services Sdn. Bhd. maintenance services
Tropicana City Malaysia Property management services 100 100 - -
Management Sdn. Bhd.
Tropicana Parking Malaysia Management of car parking 100 100 - -
Sdn. Bhd. facilities
Tropicana Kajang Malaysia Property development 100 100 - -
Hill Sdn. Bhd.
Daya Petaling Sdn. Bhd. Malaysia Property investment 100 100 - -
Tropicana Danga Malaysia Investment holding 100 100 - -
Senibong Holding
Sdn. Bhd.(“TDSHSB”)
Subsidiary of TDSHSB:
Tropicana Danga Malaysia Property development 70 70 30 30
Senibong Sdn. Bhd.
Tropicana Aman Malaysia Property development 100 100 - -
Sdn. Bhd. (“TASB”)



Details of the subsidiaries are as follows: (cont’d.)

2018 2017 2018 2017
% % % %
Subsidiary of TASB:
Sapphire Step Sdn. Bhd. Malaysia Property development and 100 100 - -
property investment
Tropicana Bukit Bintang Malaysia Property investment 100 100 - -
Development
Sdn. Bhd.
Tropicana Coliseum Malaysia Property investment 100 100 - -
(Ipoh) Sdn. Bhd.
Tropicana Cheras Malaysia Property development 100 100 - -
Sdn. Bhd.
Tropicana Danga Bay Malaysia Investment holding 100 100 - -
Land Sdn. Bhd.
(“TDBLSB”)
Subsidiaries of TDBLSB:
Tropicana Danga Bay Malaysia Property development, 60 60 40 40
Sdn. Bhd. (“TDBSB”) investment holding and
property investment
Subsidiary of TDBSB:
Tropicana Danga Bay Singapore Provision of promotions, 100 100 - -
Pte. Ltd. marketing and services
related to property
development
Desiran Realiti Sdn. Bhd. Malaysia Investment holding 100 100 - -
Tropicana Danga Cove Malaysia Investment holding 100 100 - -
Holding Sdn. Bhd.
Tropicana Danga Malaysia Property development and 80 80 20 20
Lagoon Sdn. Bhd. investment holding
(“TDLSB”)
Subsidiary of TDLSB:
Tropicana Lagoon Sdn. Bhd. Malaysia Property development 100 100 - -
Tropicana Residences Malaysia Hotel and resort hotels, 100 100 - -
Sdn.Bhd. property development and
property investment
Tropicana Development Malaysia Property development 100 100 - -
(Johor Bahru) Sdn. Bhd.
Tropicana Development Malaysia Property agent and 100 100 - -
(Penang) Sdn. Bhd. investment holding
Tropicana Development Malaysia Property investment 100 100 - -
(Sabah) Sdn. Bhd.
Tropicana Golf & Country Malaysia Property development, 100 100 - -
Resort Berhad (“TGCRB”) sale of land, recreation and
resort




2018 2017 2018 2017
% % % %
Subsidiaries of TGCRB:
Tropicana Management Malaysia Property management and 100 100 - -
Services Sdn. Bhd. maintenance services
Tropicana Sungai Buloh Malaysia Property development 100 100 - -
Sdn. Bhd.
Tropicana Desa Mentari Malaysia Property development and 100 100 - -
Sdn. Bhd. property investment
Tropicana Harapan Sdn. Bhd. Malaysia Property development 100 100 - -
Tropicana Jaya Sdn. Bhd. Malaysia Investment holding and 100 100 - -
property investment
Tropicana Kemayan Malaysia Investment holding 100 100 - -
Development Sdn. Bhd.
Tropicana Kia Peng Sdn. Bhd. Malaysia Property development and 100 100 - -
investment holding
Tropicana KK City Sdn. Bhd. Malaysia Property investment 100 100 - -
Tropicana KL Development Malaysia Property development and 100 100 - -
Sdn. Bhd. property investment
Tropicana Lahad Datu Malaysia Property investment 100 100 - -
Tropicana Land Sdn. Bhd. Malaysia Property development 100 100 - -
Tropicana Land Malaysia Property investment 100 100 - -
(Sandakan) Sdn. Bhd.
Tropicana Landmark Sdn. Bhd. Malaysia Property development 100 100 - -
Tropicana Lido Development Malaysia Property investment 100 100 - -
Sdn. Bhd.
Tropicana Lintas Development Malaysia Property investment 100 100 - -
Sdn. Bhd.
Tropicana Macalister Malaysia Property development and 100 100 - -
Avenue (Penang) Sdn. Bhd. property investment
Tropicana Metro Sdn. Bhd. Malaysia Property investment 100 100 - -
Tropicana Metropark Sdn. Bhd. Malaysia Property development 100 100 - -
(“TMSB”)
Subsidiaries of TMSB:
Noble Kinetic Sdn. Bhd. Malaysia Property investment 100 100 - -
Tropicana Paisley Sdn. Bhd. Malaysia General trading, investment 100 100 - -
holding and property
Tropicana Mentari Malaysia Property development and 100 100 - -
Development Sdn. Bhd. investment holding
(“TMDSB”)



2018 2017 2018 2017
% % % %
Subsidiary of TMDSB:
Tropicana Sierra Sdn. Bhd. Malaysia Property development 100 - - -
(formerly known as
Marivaux Holdings
Sdn. Bhd.)
Tropicana Plaza Sdn. Bhd. Malaysia Property investment 100 100 - -
Tropicana Properties Malaysia Property investment 100 100 - -
(Keningau) Sdn. Bhd.
Tropicana Properties (Klang) Malaysia Property investment 100 100 - -
Sdn. Bhd.
(Puchong) Sdn. Bhd.
Tropicana Properties (Sabah) Malaysia Property investment 100 100 - -
Sdn. Bhd.
(Sandakan) Sdn. Bhd.
Tropicana Construction Malaysia Property investment 100 100 - -
Tropicana Property Malaysia Property management and 100 100 - -
Management Sdn. Bhd. maintenance services
Tropicana Global Malaysia Property investment 100 100 - -
Tropicana Rahang Malaysia Investment holding 100 100 - -
Tropicana Sadong Jaya Malaysia Property investment 100 100 - -
Tropicana Senibong Sdn. Bhd. Malaysia Property development and 100 100 - -
property investment
Tropicana Subang South Malaysia Property investment 100 100 - -
Tropicana Tawau Malaysia Property investment 100 100 - -
Tropicana Wisma TT Sdn. Bhd. Malaysia Property development and 100 100 - -
property investment
Tropicana Resort Holding Malaysia Investment holding 100 100 - -
Sdn. Bhd. (“TRHSB”)


2018 2017 2018 2017
% % % %
Subsidiary of TRHSB:
Tropicana Danga Bay Malaysia Property development 60 60 40 40
Resort Sdn. Bhd.
Tropicana Credit & Malaysia Money lending and credit 100 100 - -
Leasing Sdn. Bhd. financing services
Tropicana Shared Malaysia Provisional of management 100 100 - -
Services Sdn. Bhd. services
Tropicana Building Malaysia Trading of building materials 100 100 - -
Materials Sdn. Bhd.
Tropicana SJII Education Malaysia Provision of education 51 51 49 49
Management Sdn. Bhd. services
Tropicana Education Malaysia Property investment 85 85 15 15
Tropicana Innovative Malaysia Provision of landscape 100 100 - -
Landscape Sdn. Bhd. services
Supreme Converge Sdn. Bhd. Malaysia Investment holding 100 100 - -
Tropicana Collections Malaysia Provision of MM2H 100 100 - -
(MM2H) Sdn. Bhd. application services
Kuasa Cekapmas Sdn. Bhd. Malaysia Investment holding 100 100 - -
Tropicana Urban Homes Malaysia Property development 49 49 51 51
Sdn. Bhd.
Tropicana Development Malaysia Property investment 100 100 - -
(Sg. Besi) Sdn. Bhd.
Tropicana Jalan Selangor Malaysia Property investment 100 100 - -
Tropicana Corporate Malaysia Provision of financing and 100 100 - -
Solutions Sdn. Bhd. other related services
Ultimate Support Sdn. Bhd. Malaysia Provision of network 100 100 - -
application services
Sumber Saujana Sdn. Bhd. Malaysia Investment holding 100 100 - -
(“SSSB”)
Subsidiary of SSSB:
Tropicana Saujana Sdn. Bhd. Malaysia Investment holding 100 100 - -
Tropicana Technology Malaysia Research and development 100 100 - -
Sdn. Bhd. of software
Tropicana Serdang Suria Malaysia Property development 100 100 - -
Sdn. Bhd.
Tropicana Investment People’s Investing consultation, business 100 100 - -
Consulting Pte. Ltd.* Republic of information consultation,
China enterprise management
consultation and
exhibition service
Faircube Sdn. Bhd. (“FSB”) Malaysia Investment holding 100 - - -


2018 2017 2018 2017
% % % %
Subsidiary of FSB:
Allstar Chorus Sdn. Bhd. Malaysia Property development 100 - - -
Myxon (M) Sdn. Bhd. Malaysia Construction 100 - - -
Peluang Duta Sdn. Bhd. Malaysia Investment holding 50.1 - 49.9 -
(“PDSB”)
Subsidiary of PDSB:
T Sanctuary Malaysia Property development and 35.07 - 64.93 -
Development Sdn. Bhd. property investment
Tropicana Business People’s Provision of consultancy 100 - - -
Consulting (Shenzhen) Republic of services for related services
Pte. Ltd.* China on conference and
exhibitions
All subsidiaries are audited by Ernst & Young, Malaysia except as indicated below:
* Audit by firms other than Ernst & Young
#
Equals to the proportion of voting rights held


Financial information of subsidiaries that have material non-controlling interests are provided below. The financial information presented
below are amounts before inter-company elimination:
(i) Summarised statements of financial position

TISB TISB TDBSB TDBSB
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Non-current assets 17,776 7,852 383,491 381,310

Current assets 900,733 679,731 150,634 194,879
Non-current liabilities (283,007) (172,176) (1,139) (5,342)
Current liabilities (209,263) (206,683) (41,523) (88,653)
Net assets 426,239 308,724 491,463 482,194

(ii) Summarised statements of comprehensive income

2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Revenue 216,238 179,661 64,694 112,857

Profit net of tax for the financial year 48,060 18,199 13,649 13,189
Profit attributable to owners of the parent 33,642 12,739 8,189 7,913
Profit attributable to non-controlling interests 14,418 5,460 5,460 5,276
Total comprehensive income 48,060 18,199 13,649 13,189
Transactions with non-controlling interests:
Dividend paid to non-controlling interest - - (648) -
Issuance/(redemption) of redeemable preference shares 20,700 - (3,352) 4,566
(iii) Summarised statements of cash flows

2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Net cash (used in)/from operating activities (185,279) 16,692 66,451 26,219
Net cash from/(used in) investing activities 1,576 (120) 1,861 1,433
Net cash from/(used in) financing activities 178,587 41,150 (40,473) (30,339)
Net (decrease)/increase in cash and cash equivalents (5,116) 57,722 27,839 (2,687)
Cash and cash equivalents at beginning of financial year 111,359 53,637 38,830 41,517
Cash and cash equivalents at end of financial year 106,243 111,359 66,669 38,830


(a) Group restructuring
During the financial year, the Group and the Company executed and completed an internal Group restructuring scheme involving
the following:
(i) The Company injected total additional working capital of RM62,200 in Tropicana Investment Consulting Pte. Ltd., a wholly-
owned subsidiary of the Company.
(ii) The Company had completed the capitalisation of debts amounting to RM93,709,000 owed by several subsidiaries to the
Company by way of issuance of Redeemable Non-Cumulative Preference Shares (“RNCPS”) issued by these subsidiaries at an
issuance price of RM1 each.
(iii) Tropicana Resort Holding Sdn. Bhd., a wholly-owned subsidiary of the Company subscribed for 150,450,000 preference
shares in Tropicana Danga Bay Resort Sdn. Bhd. (“TDBRSB”) at an issue price of RM0.10 per share, representing 60% of total
issued and paid-up share capital of TDBRSB.
(iv) On 11 January 2018, the Company acquired 1,000,000 ordinary shares representing 100% of the issued and paid-up share
capital of Myxon (M) Sdn. Bhd. (“Myxon”) for a total cash consideration of RM2,500,000. Following the completion of the
acquisition, Myxon has become a wholly-owned subsidiary of the Company.
(v) On 27 February 2018, Tropicana Mentari Development Sdn. Bhd. (“TMDSB”), a wholly-owned subsidiary of the Company,
entered into a conditional Shares Sale Agreement to acquire 560,000 ordinary shares representing 100% of the issued and
paid-up share capital of Marivaux Holdings Sdn. Bhd. (“Marivaux”) for a total cash consideration of RM78,254,668. The
acquisition was completed on 8 May 2018 and Marivaux became a wholly-owned subsidiary of TMDSB, which in turn is a
wholly-owned subsidiary of the Company.
(vi) On 17 July 2018, the Company set up a wholly-owned subsidiary, namely Tropicana Business Consulting (Shenzhen)
Pte. Ltd. in Shenzhen, the People’s Republic of China with a registered capital of RMB36,000,000, which will be injected over
an investment period of ten years.
(vii) On 14 September 2018, the Company entered into a conditional Shares Sale Agreement (“SSA”) to acquire 501,000 ordinary
shares representing 50.1% of the total paid-up capital in Peluang Duta Sdn. Bhd. (“PDSB”) for a purchase consideration of
approximately RM49.05 million (“Proposed Acquisition”). PDSB has a 70% owned subsidiary, namely T Sanctuary Development
Sdn. Bhd.. The SSA became unconditional on 1 October 2018. The Proposed Acquisition was completed on 12 October 2018
with an adjusted final purchase consideration reduction of RM15,950. Upon completion of the Proposed Acquisition, PDSB
has become a 50.1% subsidiary of the Company.
(viii) On 13 November 2018, the Company acquired 1 ordinary share of Faircube Sdn. Bhd. (“Faircube”) representing 100% of the
paid-up share capital for a total cash consideration of RM1.00. Following the completion of the acquisition, Faircube has
become a wholly-owned subsidiary of the Company.


(a) Group restructuring (cont’d.)
During the financial year, the Group and the Company executed and completed an internal Group restructuring scheme involving
the following: (cont’d.)
(ix) On 13 November 2018, Faircube, a wholly-owned subsidiary of the Company, acquired 1 ordinary share representing 100%
of the total paid-up capital in Allstar Chorus Sdn. Bhd. (“Allstar”) for a total cash consideration of RM1.00. Following the
completion of the acquisition, Allstar has become a wholly-owned subsidiary of Faircube, which in turn is a wholly-owned
subsidiary of the Company.
The above acquisitions of the subsidiaries did not have any material effect on the financial results and position of the Group except
for acquisition of Peluang Duta Sdn. Bhd. and T Sanctuary Development Sdn. Bhd. as disclosed in Note 18(c).
The following group restructuring took place in the previous financial year:
(i) Settlement of inter-company interest and non-interest bearing debts owed by subsidiaries to the Company:
- On 1 August 2017 and 31 December 2017, the Company and Tropicana Corporate Solutions Sdn. Bhd. (“TCS”), a
wholly owned subsidiary of the Company had entered into agreements to novate a total sum of debts amounting to
RM488,149,000 from the Company to TCS. This will centralise the Group’s treasury function and consolidate all inter-
company interest bearing debts to a single entity within the Group;
- On 26 December 2017, the Company had waived a total sum of debts amounting to RM1,893,000 owed by several
subsidiaries to the Company; and
- On 29 December 2017, the Company had completed the capitalisation of debts amounting to RM1,769,194,000 owed by
several subsidiaries to the Company by way of issuance of Redeemable Non-Cumulative Preference Shares (“RNCPS”)
issued by these subsidiaries at an issuance price of RM1 each.
(ii) Settlement of inter-company interest and non-interest bearing debts owed by the Company to the subsidiaries:
- On 1 August 2017 and 1 December 2017, the Company and TCS, had entered into agreements to novate a total sum of
debts amounting to RM164,801,000 owed by the Company to several subsidiaries to TCS;
- On 24 November 2017, the Company, upon exercising its redemption options had fully redeemed the Redeemable
Convertible Unsecured Loan Stocks (“RCULS”) issued by two subsidiaries for RM44,775,000 by offsetting of amounts
due by the Company to these subsidiaries;
- On 30 November 2017, several subsidiaries had declared and distributed dividends amounting to RM625,760,000 to the
Company by offsetting of amounts due by the Company to these subsidiaries;
- On 26 December 2017, several subsidiaries had waived debts amounting to RM47,629,000 to the Company by offsetting
of amounts due by the Company to these subsidiaries; and
- On 30 December 2017, the Company had through a capital reduction exercise undertaken by several subsidiaries,
reduced its investments in these subsidiaries amounting to RM56,640,000 and simultaneously offset the amounts due
by the Company to these subsidiaries.


(a) Group restructuring (cont’d.)
(iii) Subscription of shares
- On 28 July 2017, the Company injected an amount of RM3,400,000 in Tropicana Education Management Sdn. Bhd.
(“TEM”), representing amounts arising from the Company’s proportionate share in the working capital to TEM. This
advance forms part of the Company’s investment in TEM; and
- During the financial year, the Company injected total additional working capital of RM1,162,000 in Tropicana Investment
Consulting Pte. Ltd., a wholly-owned subsidiary of the Company.
(b) Impairment loss
During the financial year, an impairment loss amounting to RM6,266,000 (2017: RM184,898,000) was recognised in the profit or
loss of the Company as the recoverable amounts of certain subsidiaries were lower than their carrying amounts as at the reporting
date.
(c) Acquisition of Peluang Duta Sdn. Bhd. and T Sanctuary Development Sdn. Bhd.
On 12 October 2018, the Group acquired 50.1% of the total paid-up capital in Peluang Duta Sdn. Bhd. (“PDSB”). PDSB has a 70%
owned subsidiary, namely T Sanctuary Development Sdn. Bhd..
The Group has elected to measure the non-controlling interests at the proportionate share of the acquiree’s identifiable net assets.



(c) Acquisition of Peluang Duta Sdn. Bhd. and T Sanctuary Development Sdn. Bhd. (cont’d.)
The fair values of the identifiable assets and liabilities of PDSB as at the date of acquisition were:
Fair Carrying
value amount
RM’000 RM’000
Assets
Non-current asset
Land held for property development 645,000 334,209
Current assets
Trade and other receivables 159 159
Tax recoverable 1 1
Cash and bank balances 7,796 7,796
7,956 7,956
Total assets 652,956 342,165
Deferred tax liability 138,061 63,471
Borrowings 88,192 88,192
226,253 151,663
Current liabilities
Borrowings 54,296 54,296
Trade and other payables 242,770 242,770
297,066 297,066
Total liabilities 523,319 448,729
Net identified assets/(liabilitites) 129,637 (106,564)
RM’000
Fair value of net identified liabilitites 129,637

Less: Non-controlling interest measured at proportionate share of the acquiree’s identifiable
net assets (64,689)
Group’s interest in fair value of net identifiable assets 64,948
Gain on a bargain purchase arising on acquisition (Note 6) (15,911)
Purchase consideration transferred, representing consideration settled in cash 49,037
The effect of the acquisition on cash flow is as follow:

Consideration settled in cash 49,037
Less: Cash and cash equivalents of subsidiary acquired (7,796)
Net cash outflow on acquisition 41,241


19. INVESTMENT IN AN ASSOCIATE

Group
2018 2017
RM’000 RM’000
Unquoted shares, at costs 100,102 300

Amount due from an associate 15,000 99,802
Share of post-acquisition results and reserves (2,759) (3,305)
Unrealised profit arising from sale of land to associate (59,774) (59,774)
52,569 37,023
The amount due from an associate represents outstanding amount arising from the Group’s proportionate share in the advances and
working capital to the associate. The amount due from an associate is unsecured, non-interest bearing and is not repayable within the
next twelve (12) months. The Group views these advances as part of the Group’s investment in the associate.
During the financial year, the Group subscribed for 99,802,000 preference shares in Agile Tropicana Development Sdn. Bhd. (“ATDSB”) at
an issue price of RM1 per share, representing 30% of total issued and paid-up share capital of ATDSB.
Details of the associate are as follows:
Country of Principal Equity interest held (%)

Name of associate incorporation activity 2018 2017
Agile Tropicana Development Sdn. Bhd. Malaysia Property 30 30

development
The associate has been accounted for using the equity method of accounting.
The summarised financial information of the associate is as follows:
Group
2018 2017
RM’000 RM’000
Non-current assets 6,472 4,674

Current assets 621,384 684,874
Non-current liabilities (286,472) (325,000)
Current liabilities (16,908) (374,566)
Net assets 324,476 (10,018)
Revenue 5 -
Profit/(loss) before tax 1,820 (3,739)
Profit/(loss) after tax, representing total comprehensive income/(loss) 1,820 (3,739)
Group’s share of results 546 (1,121)
The associate had no contingent liabilities or capital commitments as at 31 December 2018 or 31 December 2017.


20. INVESTMENTS IN JOINT VENTURES
Group
2018 2017
RM’000 RM’000
Unquoted shares, at cost 109,146 249,728

Share of post-acquisition results and reserves 131,992 177,709
Unrealised profits arising from transaction with joint ventures (795) (795)
240,343 426,642
Represented by:
Share of net assets 240,343 426,642
Details of the joint ventures are as follows:
Country of Principal Equity interest held (%)

Name of joint ventures incorporation activities 2018 2017
Tropicana Ivory Sdn. Bhd. (“TIVSB”) Malaysia Property - 55

development
Subsidiary of TIVSB:
Tropicana Ivory Realty Sdn. Bhd. Malaysia Property - 100
investment
Tropicana Danga Cove Sdn. Bhd. (“TDCSB”) Malaysia Property 50 50
development
Tropicana Temokin Sdn. Bhd. Malaysia Property 51 -
(formerly known as Vivascape Sdn. Bhd.) development
All the joint ventures have been accounted for using the equity method of accounting.


20. INVESTMENTS IN JOINT VENTURES (CONT’D.)
During the financial year, TDCSB issued 105,000,000 (2017: 290,000,000) of redeemable preference shares series A (“RPS-A”) of RM0.10
each. The Group subscribed for 50% of the RPS-A for a cash consideration of RM5,250,000 (2017:RM14,500,000).
On 27 September 2018, Tropicana Harapan Sdn. Bhd. (“THSB”), a wholly-owned subsidiary of the Company, entered into a joint venture
arrangement with Matrimont Development Sdn. Bhd. via a subscription and shareholders’ agreement to jointly develop a residential
development on 2 parcels of land. The Group subscribed for 51% of the total shares issued by the joint venture entity, Tropicana Temokin
Sdn. Bhd. (formerly known as Vivascape Sdn. Bhd.) for total consideration of RM128,000.
(a) Summarised financial information of joint ventures that are material to the Group is set out below. The summarised financial
information represents the amounts in the financial statements of the joint ventures and not the Group’s share of those amounts.
(i) Summarised statements of financial position

Tropicana Ivory Tropicana Danga Cove
Sdn. Bhd. Sdn. Bhd.
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Non-current assets - 660,791 464,192 494,897

Current assets - 319,211 74,339 89,726
Non-current liabilities - (403,309) (16,844) (61,070)
Current liabilities - (225,719) (41,257) (56,312)
Net assets - 350,974 480,430 467,241
(ii) Summarised statements of comprehensive income

Sdn. Bhd. Sdn. Bhd.
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Revenue 82,199 242,138 16,709 89,395

(Loss)/profit before tax (2,812) 28,285 3,216 44,338
Total comprehensive (loss)/income (1,157) 15,406 2,689 32,970


20. INVESTMENTS IN JOINT VENTURES (CONT’D.)
(a) Summarised financial information of joint ventures that are material to the Group is set out below. The summarised financial
information represents the amounts in the financial statements of the joint ventures and not the Group’s share of those amounts.
(cont’d.)
(iii) Reconciliation of the summarised financial information presented above to the carrying amount of the Group’s interests in
joint ventures:

Sdn. Bhd. Sdn. Bhd.
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Net assets as at 1 January 350,974 335,568 467,241 434,271

Profit for the financial year (1,157) 15,406 2,689 32,970
Disposal of a joint venture (349,033) - - -
Intra group eliminations (784) - - -
- 350,974 469,930 467,241
Issuance of redeemable preference shares - - 10,500 -
Net assets as at 31 December - 350,974 480,430 467,241
Interests in joint ventures 0% 55% 50% 50%
Carrying amount of Group’s interests in joint ventures - 193,036 240,215 233,621
(iv) Share of capital commitment

Sdn. Bhd. Sdn. Bhd.
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Approved and contracted for:

Acquisition of land - 84,464 - -
(v) The joint ventures had no contingent liabilities as at 31 December 2018 and 31 December 2017.
(vi) On 26 October 2018, Tropicana Development (Penang) Sdn. Bhd. (“TDPSB”), a wholly-owned subsidiary of the Company,
entered into a Share Sale Agreement with Hemat Tuah Sdn. Bhd. to dispose entire 55% equity interest in Tropicana Ivory
Sdn. Bhd. for a total cash consideration of RM70,700,000. The disposal was completed on 13 November 2018. Prior to the
completion of the disposal, TDPSB has made of redemption of the redeemable preference shares at a total consideration of
RM145,695,000.


21. OTHER INVESTMENTS

Group and Company
2018 2017
RM’000 RM’000
At FVTPL:
Transferable corporate golf club memberships 312 312
22. INTANGIBLE ASSETS
Licences
with
indefinite
Goodwill Software useful life Total
RM’000 RM’000 RM’000 RM’000
Group
Cost
At 1 January 2018 18,170 - - 18,170
Additions - 1,593 25,643 27,236
At 31 December 2018 18,170 1,593 25,643 45,406
Amortisation and impairment

At 1 January 2018 (16,695) - - (16,695)
Amortisation (Note 9) - (106) - (106)
Impairment loss during the financial year (Note 9) (1,475) - - (1,475)
At 31 December 2018 (18,170) (106) - (18,276)
Carrying amount - 1,487 25,643 27,130
Cost
At 1 January/31 December 2017 18,170 - - 18,170
Amortisation and impairment

At 1 January/31 December 2017 (16,695) - - (16,695)
Carrying amount 1,475 - - 1,475


22. INTANGIBLE ASSETS (CONT’D.)
Goodwill has been allocated to the Group’s CGUs identified according to business segments as follows:
Group
2018 2017
RM’000 RM’000
Investment holding - 23
Property development - 1,452
- 1,475
During the financial year, an impairment loss of RM1,475,000 (2017: nil) has been recognised in the profit or loss of the Group subsequent
to the disposal of assets of the related subsidiaries.
(a) Key assumptions used in value-in-use calculations
The recoverable amounts of the CGUs have been determined based on value-in-use calculations using cash flow projections
based on financial budgets approved by management.
The following describes each key assumption on which management has based its cash flow projections to undertake impairment
testing of goodwill.
(i) Budgeted gross margin
The basis used to determine the value assigned to the budgeted gross margin is the average rate achieved in the financial year
immediately before the budgeted year increased for expected efficiency improvements.
(ii) Pre-tax discount rate
The discount rates used are pre-tax ranging from 7% to 8% (2017: 8% to 10%) and reflect specific risks relating to the relevant
segments.
(b) Sensitivity to changes in assumptions
With regard to the assessment of value-in-use of the CGUs, management believes that no reasonable possible change in any of the
above key assumptions would cause the carrying amounts of the unit to materially differ from its recoverable amount.


23. TRADE AND OTHER RECEIVABLES
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Non-current
Other receivables
Government grant (Note 23(b)(i)) 9,705 5,450 - -
Security retainers accumulation fund (Note 23(b)(ii)) 4,971 4,701 - -
Amount due from a subsidiary (Note 23(b)(iii)) - - 389 389
14,676 10,151 389 389
Current
Trade receivables
Third parties 337,020 458,778 - -
Amount due from subsidiaries - - 33,012 17,211
Less: Accumulated impairment losses (8,490) (11,237) - -
Trade receivables, net 328,530 447,541 33,012 17,211
Other receivables
Sundry receivables 115,617 102,444 10,318 9,548
Deposits (Note 23(b)(iv)) 56,544 32,395 367 54
Prepayments 6,461 6,169 14 520
Amounts due from subsidiaries (Note 23(b)(iii)) - - 409,005 491,554
Amounts due from joint ventures (Note 23(b)(iii)) 567 9,620 113 113
Less: Accumulated impairment losses
- Sundry receivables (12,362) (9,040) (8,859) (8,847)
- Deposits (6,652) - - -
160,175 141,588 410,958 492,942
488,705 589,129 443,970 510,153
Total trade and other receivables 503,381 599,280 444,359 510,542


23. TRADE AND OTHER RECEIVABLES (CONT’D.)
(a) Trade receivables
The Group’s normal trade credit term ranges from 14 to 180 days (2017: 14 to 180 days). Other credit terms are assessed and
approved on a case-to-case basis. Trade receivables are non-interest bearing and are recognised at their original invoice amounts
which represent their fair values on initial recognition.
The Group has no significant concentration of credit risk that may arise from exposures to a single debtor or to groups of debtors.
Ageing analysis of trade receivables
The ageing analysis of the Group’s trade receivables is as follows:

Group
2018 2017
RM’000 RM’000
Neither past due nor impaired 209,571 305,555

1 to 30 days past due but not impaired 28,447 27,946
More than 121 days past due but not impaired 63,103 59,012
Total past due but not impaired 118,959 141,986
Impaired 8,490 11,237
337,020 458,778
Receivables that are neither past due nor impaired
Trade receivables that are neither past due nor impaired are creditworthy debtors with good payment records with the Group.
None of the Group’s trade receivables that are neither past due nor impaired have been renegotiated during the current and
previous financial year.
Receivables that are past due but not impaired
The receivables that are past due but not impaired are mainly related to the progress billings to be settled by the end-buyers’
financiers. However, the directors are of the opinion that these debts should be realised in full without material losses in the
ordinary course of business as the legal title to the properties sold remain with the Group until the purchase consideration is fully
paid.



(a) Trade receivables (cont’d.)
Receivables that are impaired
The Group’s trade receivables that are individually impaired at the reporting date and the movement of the accumulated impairment
losses is as follows:
Group
Individually impaired
2018 2017
RM’000 RM’000
Trade receivables - nominal amount 8,490 11,237

Less: Accumulated impairment losses (8,490) (11,237)
- -
Movement in the accumulated impairment losses:

Group
2018 2017
RM’000 RM’000
At 1 January 11,237 6,161

Charge for the financial year 281 5,256
Reversal of impairment loss (Note 6) (3,028) (180)
At 31 December 8,490 11,237
Trade receivables that are individually determined to be impaired at the end of the financial year relate to debtors that are in
significant financial difficulties and have defaulted on payments. These receivables are not secured by any collateral or credit
enhancements.


(b) Other receivables
(i) Government grant
In financial year ended 31 December 2015, a subsidiary of the Group had received a Government grant from the Government
of Malaysia (“The Government”).
The grant is in relation to provision of financial assistance from the Government for one of the Group’s property development
projects (“the Project”). There were no unfulfilled conditions or contingencies attached to these grants. The grant is for an
amount not exceeding RM106,800,000 or an amount equivalent to ten percent (10%) of the actual construction costs of the
Project, whichever is lower to facilitate the Project. Part of the grant amounting to RM53,400,000 has been disbursed in 2017
and the remainder will be disbursed upon the completion of the entire project by 31 December 2019.
(ii) Security retainers accumulation fund
Group
2018 2017
RM’000 RM’000
At 1 January 4,701 4,497

Unrealised returns (Note 9) 281 216
4,982 4,713
Less: Amortisation for the financial year (11) (12)
At 31 December 4,971 4,701
The security retainers accumulation fund of the golf and country resort of the Group relates to the unamortised portion of
the single premium paid for the purchase of a Group Endowment with Profits’ policy from a local insurer in 1994 and the
unrealised returns accrues annually to this policy on a cumulative basis.
The total accumulated returns together with the insured sum will only be received upon maturity of the said policy on
2 October 2051. The purpose of this scheme is to provide the Group with funds to repay the security retainers received
from members of the golf and country resort of the Group, who were registered prior to January 1993, at the end of their
membership license term on 9 October 2051.
(iii) Amounts due from subsidiaries and joint ventures
The amounts due from subsidiaries of the Company amounting to RM350,908,010 (2017: RM374,828,000) bore interest
ranging from 4.93% to 7.45% (2017: 4.92% to 7.20%) per annum during the financial year. The balances of the amount are non-
trade in nature, unsecured, non-interest bearing and have no fixed terms of repayment except for these amounts classified as
non-current which are not expected to be repaid within the foreseeable future. Further details on related party transactions
are disclosed in Note 34.
The amounts due from joint ventures are non-trade in nature, unsecured, non-interest bearing and have no fixed terms of
repayment.
(iv) Included in deposits are deposits paid for the acquisition of land and building amounting to RM6,652,000 (2017: RM1,130,000).
(v) The Group and the Company have no significant concentration of credit risk included under sundry receivables that may arise
from exposures to a single debtor or to group of debtors except for amounts due from subsidiaries.


(b) Other receivables (cont’d.)
(vi) Accumulated impairment loss
Movement as follows:

Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
At 1 January 9,040 9,040 8,847 117,627

Charge for the financial year 9,974 - 12 -
Reversal for the financial year (Note 6) - - - (108,780)
At 31 December 19,014 9,040 8,859 8,847
24. CONTRACT ASSETS
Group
2018 2017
RM’000 RM’000
Non-current
Accrued billings in respect of sales of development properties 17,618 -
Current
Accrued billings in respect of sales of development properties 282,256 406,776
Amounts due from contract customers (Note 24(a)) 6,699 9,229
288,955 416,005
Total contract assets 306,573 416,005
(a) Amounts due from contract customers
Group
2018 2017
RM’000 RM’000
Aggregate cost incurred to date 67,476 54,923

Attributable profits 12,345 10,606
79,821 65,529
Less: Progress billings (73,122) (56,300)
Amounts due from contract customers 6,699 9,229


25. CONTRACT COST ASSESTS
Group
2018 2017
RM’000 RM’000
Contract cost assets

Costs to fulfill a contract 38,324 118,025
Costs to obtain contracts with customers 8,192 23,883
46,516 141,908
Costs to fulfill a contract

At beginning of the financial year 118,025 202,104
Additions 616,530 991,920
Amortisation for the financial year (696,231) (1,075,999)
At end of the financial year 38,324 118,025
Costs to obtain contracts with customers

At beginning of the financial year 23,883 29,773
Additions 83,439 67,447
Amortisation for the financial year (99,130) (73,337)
At end of the financial year 8,192 23,883
Finance costs capitalised during the financial year under property development costs amounting to RM8,335,000 (2017: RM13,272,000)
as disclosed in Note 8.


26. CASH AND BANK BALANCES
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Deposits with licensed banks 194,807 156,459 38,657 51,131

Cash in hand and at banks 780,967 784,951 1,966 1,523
Cash and bank balances (Note 44) 975,774 941,410 40,623 52,654
For the purpose of statements of cash flows:

Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Cash and bank balances 975,774 941,410 40,623 52,654

Less:
- Cash and bank balances not available for use (249,286) (378,548) (35,615) (47,954)
- Bank overdrafts (Note 31) (4,905) (1,299) (3,966) -
Total cash and cash equivalents 721,583 561,563 1,042 4,700
The interest rates for the deposits with licensed banks range from 2.75% to 3.45% (2017: 2.65% to 3.45%) per annum and the maturities of
deposits as at the end of the financial year range from 1 to 365 days (2017: 1 to 365 days).
Included in cash at banks of the Group are amounts of RM478,481,000 (2017: RM372,674,000) held pursuant to Section 7A of the
Housing Development (Control and Licensing) Act, 1966 and are therefore restricted from use in other operations.
Cash and bank balances not available for use of the Group and of the Company are:
(i) Deposits of the Group held in trust by a trustee of RM6,815,000 (2017: RM5,443,000) for golf course members’ subscription
fees.
(ii) Deposits of the Group and of the Company amounting to RM19,574,000 (2017: RM19,527,000) and RM790,000 (2017: RM14,320,000)
respectively which are pledged as securities for bank guarantees granted to the Group and the Company.
(iii) Deposits of the Group and of the Company amounting to RM96,281,000 (2017: RM111,436,000) and RM34,088,000
(2017: RM33,137,000) respectively which are pledged as securities for banking facilities granted to the Group and the Company.
(iv) Placements of debt service reserve and escrow accounts of the Group and of the Company amounting to RM126,616,000
(2017: RM242,142,000) and RM737,000 (2017: RM497,000) respectively which are pledged as securities for term loans granted to
the Group and the Company.


27. ASSETS CLASSIFIED AS HELD FOR SALE
Group
2018 2017
RM’000 RM’000
At 1 January - -
Additions 59,100 -
At 31 December 59,100 -
The details of the assets classified as held for sale are as follows:
(i) On 17 July 2018, Tropicana Development (Sabah) Sdn. Bhd., a wholly-owned subsidiary, entered into a sale and purchase agreement
to dispose 4 adjoining lands developed with 4-storey commercial building known as “Blue 7” in Sabah for a total cash consideration
amounting to RM38,000,000. The said disposal will be completed in year 2019.
(ii) On 28 December 2018, Tropicana Coliseum (Ipoh) Sdn. Bhd., a wholly-owned subsidiary, entered into a sale and purchase agreement
to dispose a 6 ½-storey commercial building known as Coliseum Square in Perak for a total cash consideration amounting to
RM22,800,000. The said disposal will be completed in year 2019.
The freehold and leasehold land with aggregate carrying amounts of RM59,100,000 (2017: nil) are pledged as securities for bank
borrowings as disclosed in Note 31.
28. SHARE CAPITAL, TREASURY SHARES AND SHARE PREMIUM
Group and Company

Number of ordinary <------------------------------ Amount --------------------------------->
shares
Share capital
(Issued and fully paid) Share capital Treasury shares Share premium
2018 2017 2018 2017 2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Issued and fully paid:

At 1 January 1,470,417 1,447,466 2,044,314 1,447,466 (6,692) (23,648) - 577,984
Issuance of ordinary shares:
- pursuant to Dividend
Reinvestment Scheme - 22,951 - 22,159 - - - -
Purchase of treasury shares - - - - (18,402) (3,683) - -
Distribution of treasury shares - - - - - 20,639 - (3,295)
Transition to no par value regime - - - 574,689 - - - (574,689)
At 31 December 1,470,417 1,470,417 2,044,314 2,044,314 (25,094) (6,692) - -
(a) Share capital
Effective from 31 January 2017, the new Companies Act 2016 (“the Act”) has abolished the concept of authorised share capital and
par value of share capital. Consequently, the credit balance of the share premium becomes part of the Company’s share capital
pursuant to the transitional provision set out in Section 618(2) of the Act. There is no impact on the numbers of ordinary shares in
issue or the relative entitlement of any of the members as a result of this transition.


28. SHARE CAPITAL, TREASURY SHARES AND SHARE PREMIUM (CONT’D.)
(b) Treasury shares
During the financial year, the Company repurchased 21,120,900 of its issued ordinary shares from the open market at an average
price of RM0.8713 per share. The shares repurchased are being held as treasury shares in accordance with Section 127 of the
Companies Act 2016.
As at reporting date, the number of treasury shares held are 27,766,842 ordinary shares. Such treasury shares are held at carrying
amount of RM25,094,000 (2017: RM6,692,000).
29. OTHER RESERVES
(a) Foreign currency translation reserve
The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of
foreign operations whose functional currencies are different from that of presentation currency of the Group.
(b) Warrants 2009/2019 reserve
On 9 December 2009, the Company had issued 129,812,791 free detachable Warrants 2009/2019. The Warrants are constituted by
the Deed Poll dated 28 October 2009.
On 18 October 2013, the Company had issued additional 30,894,707 Warrants 2009/2019 pursuant to the adjustment to the
Warrants 2009/2019 as a result of the Rights Issue with Bonus Shares.
The main features of the Warrants are as follows:
(i) each Warrant entitles the holder to subscribe for 1 new ordinary share in Tropicana at a price of RM1.00 per share;
(ii) the Warrants may be exercised at any time up to 8 December 2019; and
(iii) the shares arising from the exercise of Warrants shall rank pari passu in all respects with the existing ordinary shares of
the Company, save and except that the new shares shall not be entitled to any dividends, rights, allotments and/or other
distributions, the entitlement date of which is prior to the allotment date of the new shares.
As at reporting date, 153,557,696 (2017: 153,557,696) free detachable Warrants 2009/2019 remain unexercised.
(c) Retained earnings
The entire retained earnings are available for distribution as single tier dividends.
30. DEFERRED TAX LIABILITIES/(ASSETS)
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
At 1 January 7,969 35,914 (182) -

Revaluation of land acquisition from business combination 138,061 - - -
Recognised in profit or loss (Note 12) (38,141) (27,945) (589) (182)
At 31 December 107,889 7,969 (771) (182)


30. DEFERRED TAX LIABILITIES/(ASSETS) (CONT’D.)
Deferred income tax as at 31 December relates to the following:
Unused tax
losses and
unabsorbed Unrealised
Provision capital profits from
for liabilities allowances transactions Others Total
RM’000 RM’000 RM’000 RM’000 RM’000
Group
Deferred tax assets:
At 1 January 2018 (18,606) (885) (25,655) (3,583) (48,729)
Recognised in profit or loss (65,816) 742 (5,625) (1,506) (72,205)
At 31 December 2018 (84,422) (143) (31,280) (5,089) (120,934)
At 1 January 2017 (8,917) (841) (14,598) (1,819) (26,175)

Recognised in profit or loss (9,689) (44) (11,057) (1,764) (22,554)
At 31 December 2017 (18,606) (885) (25,655) (3,583) (48,729)
Fair value Fair value

Accelerated adjustment changes to Property
capital on business investment development
allowances combination properties costs Total
RM’000 RM’000 RM’000 RM’000 RM’000
Group
Deferred tax liabilities:
At 1 January 2018 11,403 31,401 3,431 10,463 56,698
Acquisition of a subsidiary - 138,061 - - 138,061
Recognised in profit or loss (535) (72) 3,249 31,422 34,064
At 31 December 2018 10,868 169,390 6,680 41,885 228,823
At 1 January 2017 12,863 31,715 3,816 13,695 62,089

Recognised in profit or loss (1,460) (314) (385) (3,232) (5,391)
At 31 December 2017 11,403 31,401 3,431 10,463 56,698


30. DEFERRED TAX LIABILITIES/(ASSETS) (CONT’D.)
Deferred income tax as at 31 December relates to the following: (cont’d.)
Accelerated
capital
allowances
RM’000
Company
Deferred tax liability:
At 1 January 2018 170
Recognised in profit or loss (40)
At 31 December 2018 130
At 1 January 2017 -
Recognised in profit or loss 170
At 31 December 2017 170
Provision
for liabilities
RM’000
Deferred tax asset:

At 1 January 2018 (352)
At 31 December 2018 (901)
At 1 January 2017 -
At 31 December 2017 (352)
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Presented after appropriate offsetting as follows:

Deferred tax assets (84,545) (48,955) (771) (182)
Deferred tax liabilities 192,434 56,924 - -
107,889 7,969 (771) (182)
The unused tax losses, unabsorbed capital allowances and other deductible temporary differences of the Group are available indefinitely
for offsetting against future taxable profits of the respective entities within the Group, subject to no substantial change in shareholdings
of those entities under the Income Tax Act, 1967 and guidelines issued by the tax authority.


31. BORROWINGS

Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Current
Secured:
Bridging loans 3,653 12,209 - -
Revolving credits 363,796 310,840 204,724 195,250
Term loans 252,993 360,985 66,442 89,521
Hire purchase (Note 31(a)) 1,002 1,611 68 -
Bank overdrafts (Note 26) 4,905 1,299 3,966 -
Less: Unamortised borrowing costs (3,235) (5,208) (788) (1,079)
623,114 681,736 274,412 283,692
Non-current
Secured:
Term loans 1,314,757 1,176,520 165,200 202,080
Hire purchase (Note 31(a)) 637 1,119 256 -
Less: Unamortised borrowing costs (19,413) (19,194) (1,471) (2,274)
1,333,071 1,166,038 163,985 199,806
Total borrowings
Secured:
Revolving credits 363,796 310,840 204,724 195,250
Term loans 1,567,750 1,537,505 231,642 291,601
Hire purchase (Note 31(a)) 1,639 2,730 324 -
Bank overdrafts (Note 26) 4,905 1,299 3,966 -
1,956,185 1,847,774 438,397 483,498
Unamortised borrowing costs:

At 1 January 24,402 31,392 3,353 4,385
Incurred during the financial year 10,841 2,852 - 216
Amortisation for the financial year (Note 8) (12,595) (9,842) (1,094) (1,248)
At 31 December 22,648 24,402 2,259 3,353


31. BORROWINGS (CONT’D.)
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Maturities of borrowings:
Not later than 1 year 626,349 686,944 275,200 284,771
Later than 1 year and not later than 5 years 1,352,484 1,185,232 165,456 202,080
Total 1,956,185 1,847,774 438,397 483,498
The range of interest rates per annum at the reporting date for borrowings were as follows:
2018 2017
% %
Revolving credits 5.18 - 7.45 4.92 - 7.20

Bridging loans 5.58 - 6.03 4.68 - 5.81
Term loans 5.00 - 7.54 4.85 - 7.20
Bank overdrafts 6.29 - 6.96 6.10 - 6.71
The revolving credits, bridging loans and term loans of the Group and of the Company are secured by certain assets of the Group and of
the Company as follows:
(i) fixed charge over certain property, plant and equipment as disclosed in Note 15;
(ii) fixed charge over certain land held for property development and property development costs as disclosed in Note 16;
(iii) fixed charge over certain investment properties as disclosed in Note 17;
(iv) fixed charge over certain inventories as disclosed in Note 16;
(v) fixed charge over certain assets classified as held for sale as disclosed in Note 27;
(vi) legal assignment of all cashflows, sale or tenancy agreements, insurance policies, construction contracts, construction guarantees
and performance bonds in relation to certain projects developed by subsidiaries;
(vii) fixed and floating charge over the assets of certain subsidiaries;
(viii) specific debentures creating fixed and floating charges over certain Charged Properties of the Company and certain subsidiaries of
the Group; and
(ix) corporate guarantees provided by the Company.


Other information on financial risks of borrowings are disclosed in Note 37.
Company
2018 2017
RM’000 RM’000
Unsecured corporate guarantees given to banks for credit facilities granted to:
- Subsidiaries 2,324,656 2,557,201
- Joint ventures 6,888 169,593
- Associate 85,941 97,500
2,417,485 2,824,294
As at 31 December 2018, the Group has the following undrawn banking facilities:
Group
2018 2017
RM’000 RM’000
Banking facilities obtained by the subsidiaries 564,664 681,601

Banking facilities obtained by the joint ventures - 253
(a) Hire purchase
The Group has finance leases for certain items of property, plant and equipment. Future minimum lease payments under finance
leases together with the present value of the net minimum lease payments are as follows:
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Minimum lease payments:

Not later than 1 year 1,066 1,706 82 -
Later than 1 year but not later than 2 years 461 851 82 -
Later than 2 years but not later than 5 years 216 300 197 -
Total minimum lease payments 1,743 2,857 361 -
Less: Amount representing finance charges (104) (127) (37) -
Present value of minimum lease payments 1,639 2,730 324 -


(a) Hire purchase (cont’d.)
The Group has finance leases for certain items of property, plant and equipment. Future minimum lease payments under finance
leases together with the present value of the net minimum lease payments are as follows: (cont’d.)
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Present value of payments:

Not later than 1 year 1,002 1,611 68 -
Later than 1 year but not later than 2 years 431 821 68 -
Later than 2 years but not later than 5 years 206 298 188 -
Present value of minimum lease payments 1,639 2,730 324 -
Less: Amount due within 12 months (1,002) (1,611) (68) -
Amount due after 12 months 637 1,119 256 -
These obligations are secured by charge over the leased property, plant and equipment as disclosed in Note 15. The discount rates
implicit in the leases range from 2.30% to 5.57% (2017: 2.37% to 5.57%).
(b) Changes in liabilities arising from financing activities
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
At 1 January 1,846,475 1,809,289 483,498 498,483

Cash flows (50,643) 27,024 (50,526) (16,233)
Acquisition of a subsidiary 142,488 - - -
Hire purchase 365 320 365 -
Others 12,595 9,842 1,094 1,248
As 31 December 1,951,280 1,846,475 434,431 483,498
The others represent transactions involving amortisation of borrowing costs.


32. TRADE AND OTHER PAYABLES
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Non-current
Trade payables
Third parties (Note 32(a)(i)) 614,822 712,632 - -
Other payables
Other payables and deposits 540 - - -
Accruals 109,843 123,168 - -
Security retainers (Note 32(b)(i)) 2,101 1,941 - -
Sinking fund reserve (Note 32(b)(ii)) 6,161 5,272 - -
118,645 130,381 - -
733,467 843,013 - -
Current
Trade payables (Note 32(a)(ii))
Third parties 545.610 322,424 - -
Retention sum 152,420 169,137 - -
698,030 491,561 - -
Other payables
Other payables and deposits 151,658 177,099 5,453 1,676
Accruals 177,942 254,791 6,040 3,980
Amounts due to related companies (Note 32(b)(iii))
- Subsidiaries - - 185,088 20,990
- Non-controlling interests 140,827 10,769 - -
- Joint ventures 66 8,441 - 4,900
470,493 451,100 196,581 31,546
1,168,523 942,661 196,581 31,546
Total trade and other payables 1,901,990 1,785,674 196,581 31,546
(a) Trade payables
(i) Trade payables (non-current)
This amount relates to payables arising from the acquisition of land by a subsidiary of the Group, which is payable over 20
years.
(ii) Trade payables (current)
The normal trade credit term granted to the Group ranges from 30 to 90 days (2017: 30 to 90 days) from the date of invoice
and progress claim. The retention sum is repayable upon expiry of the defect liability period of 12 to 18 months (2017: 12 to
18 months).


32. TRADE AND OTHER PAYABLES (CONT’D.)
(b) Other payables
(i) Security retainers
Security retainers are funds collected from members of the golf and country resort of the Group who joined prior to January
1993. These security retainers are refundable to the members on cessation of membership, i.e. upon the expiry of the term
of the membership license on 9 October 2051 or upon revocation (i.e. termination of the membership at its discretion at any
time before the expiry date).
Group
2018 2017
RM’000 RM’000
At 1 January 1,941 1,817

Unwinding of discount 170 324
Termination (10) (200)
At 31 December 2,101 1,941
(ii) Sinking fund reserves
Group
2018 2017
RM’000 RM’000
At 1 January 5,272 4,328

Additions 1,520 1,362
Claims made during the financial year (631) (418)
At 31 December 6,161 5,272
Sinking fund of the Group is established for the purpose of covering periodic major repairs or capital replacements costs in
the golf and country resort of the Group. A fraction of 10% of monthly subscription fees received from members during the
year are credited to this reserve.
(iii) Amounts due to related companies
Amounts due to subsidiaries, non-controlling interests, and joint ventures are mainly unsecured, non-interest bearing and
repayable on demand.
(vi) Other payables
Other payables are mainly unsecured, non-interest bearing and have no fixed terms of repayment.
Other information on financial risks of other payables are disclosed in Note 37.


33. CONTRACT LIABILITIES
Group
2018 2017
RM’000 RM’000
Non-current
Deferred license fees (Note 33(a)) 137,621 139,702
Current
Deferred license fees (Note 33(a)) 4,402 4,321
Deferred income (Note 33(b)) 15,301 12,982
19,703 17,303
Total contract liabilities 157,324 157,005
(a) Deferred license fees
Group
2018 2017
RM’000 RM’000
Cost
At 1 January 211,884 209,321
Additions 2,402 2,563
At 31 December 214,286 211,884
Accumulated amortisation
At 1 January 67,861 63,540
Amortisation during the financial year (Note 9) 4,402 4,321
At 31 December 72,263 67,861
Carrying amount 142,023 144,023
Represented by:
Current 4,402 4,321
Non-current 137,621 139,702
142,023 144,023
The deferred license fees refer to accrual and amortisation of license fees over 40 years which will expire on 9 October 2051.
(b) Deferred income
The deferred income of the Group is in respect of advance tuition fees received by the private school operator. It will be recognised
as revenue upon services performed.


34. SIGNIFICANT RELATED PARTY TRANSACTIONS
(a) Transactions with subsidiaries
Company
2018 2017
RM’000 RM’000
Dividend income from subsidiaries (Note 4) 28,000 625,760

Management fees from subsidiaries (Note 4) 18,297 16,236
Waiver of debts from subsidiaries (Note 6) - 47,629
Finance income derived from unwinding of discount on amounts due from subsidiaries (Note 7) - 2,439
Finance income on amounts due from subsidiaries (Note 7) 29,441 32,405
Management fees charged by a subsidiary (Note 9) (5,594) (1,080)
Waiver of debts to subsidiaries (Note 9) - (1,893)
Finance cost on amounts due to subsidiaries (Note 8) (15,607) (15,956)
(b) Transactions with entities related to Tan Sri Dato’ Tan Chee Sing (Major shareholder of the Company)
2018 2017
RM’000 RM’000
Group
Rental income receivable/received 23,534 24,152
Security charges receivable/received 100 77
Utilities charges receivable/received 1,392 979
Consultation fee payable/paid - (3,000)
Transportation cost payable/paid (1,604) (1,645)
Entertainment expenses payable/paid (77) (62)
Car park charges payable/paid (23) (21)
Gift expense payable/paid (952) (1,198)
Marketing expenses payable/paid (15,278) (1,959)
Recruitment expenses payable/paid - (10)
Company
Transportation cost payable/paid (1,604) (1,645)
Marketing expenses payable/paid - (2)
Entertainment expenses payable/paid (35) (24)
Gift expense payable/paid (899) (1,022)


34. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONT’D.)
(c) Transactions with entities related to Tan Sri Dato’ Tan Chee Yioun (“Tan Sri Vincent Tan”), who is the brother of Tan Sri Dato’
Tan Chee Sing
2018 2017
RM’000 RM’000
Group
Rental income receivable/received 50 53
Telephone charges payable/paid (8) (1)
Insurance charges payable/paid (447) (1,582)
Company
Insurance charges payable/paid (11) (68)
(d) Sale of development properties
In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions
between the Group and the related parties took place at terms agreed between the parties during the financial year.
2018 2017
RM’000 RM’000
Group
Sales of development properties to certain directors of subsidiaries 1,459 -
The directors are of the opinion that all the above transactions were entered into in the normal course of business and have been
established under terms that are no less favourable than those obtainable in transactions with unrelated parties.


34. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONT’D.)
Information regarding outstanding balances arising from related party transactions as at 31 December 2018 and 31 December 2017 are
disclosed in Note 23(b)(iii) and Note 32(b)(iii).
(e) Compensation of key management personnel
Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling
the activities of the Group, either directly or indirectly. The key management personnel includes all the directors of the Group, and
certain members of senior management of the Group.
The remuneration of directors and other members of key management during the financial year were as follows:
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000

Contributions to defined contribution plan 2,250 2,289 669 953
Fees 1,516 1,159 1,121 800
27,352 26,207 7,530 9,907
Included in the total key management personnel are:
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Directors’ remuneration (Note 11) 24,386 24,635 7,530 9,907


35. FINANCIAL INSTRUMENTS
Classification of financial instruments
Financial assets and financial liabilities are measured on an ongoing basis either at fair value or at amortised cost. The principal accounting
policies of the Group and of the Company described how the class of financial instruments are measured, and how income and expenses,
including fair value gains and losses are recognised. The following table analysed the financial assets and financial liabilities in the
statements of financial position by the class of financial instrument to which they are assigned, and therefore by the measurement basis.
Financial Fair value Financial

assets at through liabilities at
amortised profit or amortised
cost loss cost Total
RM’000 RM’000 RM’000 RM’000
Group
31 December 2018
Assets
Other investments - 312 - 312
Trade and other receivables
- Non-current 14,676 - - 14,676
- Current (excluding prepayments) 482,244 - - 482,244
Contract assets
- Non-current 17,618 - - 17,618
- Current 288,955 - - 288,955
Cash and bank balances 975,774 - - 975,774
Total financial assets 1,779,267 312 - 1,779,579
Total non-financial assets 6,315,237
Total assets 8,094,816
Liabilities
Borrowings
- Non-current - - 1,333,071 1,333,071
- Current - - 623,114 623,114
Trade and other payables
- Non-current - - 733,467 733,467
- Current - - 1,168,523 1,168,523
Contract liabilities
- Non-current - - 137,621 137,621
- Current - - 19,703 19,703
Total financial liabilities - - 4,015,499 4,015,499
Total non-financial liabilities 266,442
Total liabilities 4,281,941


35. FINANCIAL INSTRUMENTS (CONT’D.)
Classification of financial instruments (cont’d.)

RM’000 RM’000 RM’000 RM’000
Group (cont’d.)
31 December 2017
Assets
- Non-current 10,151 - - 10,151
Contract assets
- Current 416,005 - - 416,005
Total financial assets 1,950,526 312 - 1,950,838
Liabilities
Borrowings
- Non-current - - 1,166,038 1,166,038
- Current - - 681,736 681,736
Trade and other payables
- Non-current - - 843,013 843,013
- Current - - 942,611 942,611
Contract liabilities
- Non-current - - 139,702 139,702
- Current - - 17,303 17,303
Total financial liabilities - - 3,790,403 3,790,403
Total non-financial liabilities 90,457
Total liabilities 3,880,860



RM’000 RM’000 RM’000 RM’000
Company
31 December 2018
Assets
- Non-current 389 - - 389
Total financial assets 484,968 312 - 485,280
Liabilities
Borrowings
- Non-current - - 163,985 163,985
- Current - - 274,412 274,412
Other payables - - 196,581 196,581
Total financial liabilities - - 634,978 634,978
Total non-financial liabilities 16
Total liabilities 634,994



RM’000 RM’000 RM’000 RM’000
Company (cont’d.)
31 December 2017
Assets
- Non-current 389 - - 389
Total financial assets 562,676 312 - 562,988
Liabilities
Borrowings
- Non-current - - 199,806 199,806
- Current - - 283,692 283,692
Other payables - - 31,546 31,546
Total financial liabilities - - 515,044 515,044
Total non-financial liabilities 397
Total liabilities 515,441


36. FAIR VALUE MEASUREMENT
Determination of fair values of financial instruments
The fair values of financial instruments measured at amortised cost are derived as follows:
Non-current financial instruments
- Estimated by discounting expected future cash flows at market incremental lending rate for similar types of lending, borrowing or
leasing arrangements at the reporting date; or
Current financial instruments
- Reasonable approximation of their carrying values as they are either floating rate financial instruments which are repriced to market
interest rates, short-term in nature or are repayable on demand.
The fair value measurement hierarchies used to measure assets and liabilities carried at fair value in the statements of financial position
are as follows:
(a) Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
(b) Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable
(c) Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
Level 1 Level 2 Level 3 Total

RM’000 RM’000 RM’000 RM’000
Group
31 December 2018
Assets measured at fair value:
Other investments (Note 21) - - 312 312
Investment properties - - 493,169 493,169
Assets classified as held for sale - - 59,100 59,100
31 December 2017
Assets measured at fair value:
Other investments (Note 21) - - 312 312
Investment properties - - 479,241 479,241
Description of valuation techniques used and key inputs to valuation on investment properties is as disclosed in Note 17.
There were no transfers between Level 1, Level 2 and Level 3 during the financial year.


37. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group and the Company are exposed to financial risks arising from their operations and the use of financial instruments. The key
financial risks include credit risk, liquidity risk, interest rate risk and foreign currency risk.
The board of directors reviews and agrees policies and procedures for the management of these risks, which are executed by the finance
director. The Risk Management Committee provides independent oversight to the effectiveness of the risk management process.
The following sections provide details regarding the Group’s and the Company’s exposure to the above-mentioned financial risks and
the objectives, policies and processes for the management of these risks.
(a) Credit risk
Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations.
The Group’s and the Company’s exposure to credit risk arises primarily from trade and other receivables. Credit risks with respect to
trade receivables are limited as the legal title to the properties sold remain with the Group until the purchase consideration is fully
paid. As for other receivables, the credit risk is minimised via dealing with counterparties with appropriate credit, payment histories
and other relevant information. For cash and bank balances, the Group and the Company minimise credit risk by dealing exclusively
with reputable financial institutions.
The Group’s objective is to seek continual revenue growth while minimising losses incurred due to increased credit risk exposure.
The Group trades only with recognised and creditworthy third parties. It is the Group’s policy that all customers who wish to trade
on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis
with the result that the Group’s exposure to bad debts is not significant.
Exposure to credit risk
At the reporting date, the Group’s and the Company’s maximum exposure to credit risk is represented by the carrying amount of
each class of financial assets recognised in the statements of financial position. If necessary, the Group may obtain collaterals from
counter-parties as a means of mitigating losses in the event of default.
Credit risk concentration profile
The Group determines concentrations of credit risk by monitoring the industry sector profile of its trade receivables on an ongoing
basis. The credit risk concentration profile of the Group’s trade receivables at the reporting date are as follows:
2018 2017
RM’000 % of total RM’000 % of total
Group
Property development and property management 250,975 75% 396,759 87%
Property investment and recreation and resort operation 37,938 11% 42,420 9%
Investment holding and others 48,107 14% 19,599 4%
337,020 100% 458,778 100%
(b) Liquidity risk
Liquidity risk is the risk that the Group or the Company will encounter difficulty in meeting financial obligations due to shortage
of funds. The Group’s and the Company’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial
assets and liabilities. The Group’s and the Company’s objective is to maintain a balance between continuity of funding and flexibility
through the use of stand-by credit facilities.

The Group’s and the Company’s liquidity risk management policy is to maintain sufficient liquid financial assets and stand-by credit
facilities with several banks so as to ensure that all operating, investing and financing needs are met.


37. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.)
(b) Liquidity risk (cont’d.)
Analysis of financial instruments by remaining contractual maturities
The table below summarises the maturity profile of the Group’s and the Company’s liabilities at the reporting date based on
contractual undiscounted repayment obligations.
On demand
or within One to More than
one year five years five years Total
RM’000 RM’000 RM’000 RM’000
Group
Financial liabilities
2018
Trade and other payables 1,406,732 253,342 523,210 2,183,284
Contract liabilities 19,703 - 137,621 157,324
Borrowings 740,535 1,104,312 469,048 2,313,895
Total undiscounted financial liabilities 2,166,970 1,357,654 1,129,879 4,654,503
2017
Trade and other payables 1,201,467 368,742 502,606 2,072,815
Contract liabilities 17,303 - 139,702 157,005
Borrowings 806,725 1,071,389 224,501 2,102,615
Total undiscounted financial liabilities 2,025,495 1,440,131 866,809 4,332,435
Company
Financial liabilities
2018
Other payables 196,581 - - 196,581
Borrowings 285,146 185,603 - 470,749
Total undiscounted financial liabilities 481,727 185,603 - 667,330
2017
Other payables 31,546 - - 31,546
Borrowings 302,047 187,195 46,119 535,361
Total undiscounted financial liabilities 333,593 187,195 46,119 566,907


37. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.)
(c) Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Group’s primary interest rate risk relates to interest-bearing borrowings.
The investments in financial assets including fixed deposits are mainly short-term in nature and they are not held for speculative
purposes.
The Group manages its interest rate exposure by using a mix of fixed and floating rate debts and actively reviewing its debt portfolio,
taking into account the investment holding period and nature of its assets.
Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonable possible change in interest rates, with all other variables held
constant, of the Group’s and of the Company’s profit before tax (through the impact on floating rate borrowings).
2018 2017
RM’000 RM’000
Group
Borrowings denominated in Ringgit Malaysia
Interest rates increase by 25 basis point (4,943) (4,674)
Interest rates decrease by 25 basis point 4,943 4,674
Company
Borrowings denominated in Ringgit Malaysia
Interest rates increase by 25 basis point 1,101 (1,217)
Interest rates decrease by 25 basis point (1,101) 1,217
(d) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
foreign exchange rates.
The Group has transactional currency exposures arising from balances in other payables in a currency other than the functional
currencies of the Group. The foreign currencies in which these transactions are denominated are US Dollar, Singapore Dollar and
Renminbi.
The Group’s foreign currency risk management objective is to minimise foreign currency exposure that gives rise to economic
impact, both at transaction and reporting period translation levels. The Group and the Company are not exposed to significant
foreign currency risk as the majority of the Group’s and of the Company’s transactions, assets and liabilities are denominated in the
functional currencies of the respective entities within the Group.


38. OPERATING LEASE ARRANGEMENTS
(a) The Group as lessee
The Group has entered into non-cancellable operating lease agreements for the use of office premises and equipment. These
leases have lease terms between 1 to 3 years with renewal or purchase options included in the contracts. There are no restrictions
placed upon the Group by entering into these leases.
Future minimum rentals payable under non-cancellable operating leases at the reporting date are as follows:
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Not later than 1 year 3,735 2,923 543 259

Later than 1 year and not later than 5 years 1,768 340 272 -
5,503 3,263 815 259
(b) The Group as lessor
The Group has entered into non-cancellable operating lease agreements on its investment property portfolio. These leases have
remaining non-cancellable lease terms of between 1 to 10 years.
Future minimum rentals receivable under non-cancellable operating leases at the reporting date are as follows:
Group
2018 2017
RM’000 RM’000
Not later than 1 year 34,184 27,107

Later than 1 year and not later than 5 years 81,286 45,988
Later than 5 years 53,227 94,279
168,697 167,374


39. COMMITMENTS
Group
2018 2017
RM’000 RM’000
Capital expenditure:
Approved and contracted for:
- Land held for property development - 10,200
- Property, plant and equipment 5,126 654,900
- Investment properties 401,743 -
406,869 665,100
Approved and not contracted for:
- Property, plant and equipment 41,850 75,200
Share of joint venture’s capital commitment

- Land held for property development - 84,464
448,719 824,764
40. SEGMENTAL INFORMATION
(a) Business segments:
For management purposes, the Group is organised into business units based on their business segments, and has three reportable
operating segments as follows:

(i) Property development and property management - Development of residential and commercial properties.
(ii) Property investment, recreation and resort - Management and operation of hotels, resort, golf course, club
house and investments in commercial and other properties.
(iii) Investment holding and others - Investment income, landscape services, management and
operation of private school and other operations which are not
sizeable to be reported separately.
Except as indicated above, no operating segments have been aggregated to form the above reportable operating segments.
Management monitors the operating results of its business units separately for the purpose of making decisions about resource
allocation and performance assessment. Segmental performance is evaluated based on operating profit or loss which, in certain
respects as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements.
Group financing (including finance costs) and income taxes are managed on a group basis and are allocated to operating segments.

208
40. SEGMENTAL INFORMATION (CONT’D.)
Segmental information by business segments:
Property
development and Property investment, Investment Adjustments and
property management recreation and resort holding and others eliminations Note Total
2018 2017 2018 2017 2018 2017 2018 2017 2018 2017
ABOUT TROPICANA
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Revenue and expenses
Revenue
External sales 1,443,242 1,644,780 98,317 73,700 93,912 96,294 - - 1,635,471 1,814,774
Inter-segment 54,463 110,006 14,613 14,613 124,322 478,915 (193,398) (603,534) (A) - -
Total revenue 1,497,705 1,754,786 112,930 88,313 218,234 575,209 (193,398) (603,534) 1,635,471 1,814,774
Results
Finance income 26,851 24,768 6,009 4,531 81,508 60,873 (86,576) (63,982) 27,792 26,190
Depreciation and
amortisation (12,264) (11,616) (10,653) (10,102) (2,785) (2,362) 1,338 365 (24,364) (23,715)
Share of results of
an associate 546 (1,121) - - - - - - 546 (1,121)
Share of results of
joint ventures 419 24,958 - - - - - - 419 24,958
Other non-cash items 1,433 13,036 647 4,278 60,602 (11,713) (3,009) 23,525 (B) 59,673 29,126
Segment profit 310,994 335,253 27,185 13,743 51,977 818,409 (69,925) (888,977) (C) 320,231 278,428
Assets
OUR LEADERSHIP
Investment in an associate 115,102 100,102 - - - - (62,533) (63,079) 52,569 37,023

Investments in joint ventures 109,145 249,665 - - - - 131,198 176,977 240,343 426,642
Additions to
non-current assets 596,619 173,060 39,554 117,892 27,392 2,710 (376,212) (83,668) (D) 287,353 209,994
Segment assets 6,292,796 5,906,129 1,117,839 1,055,473 5,396,733 5,145,072 (4,712,552) (4,638,336) 8,094,816 7,468,338
Segment liabilities 3,514,751 3,394,243 600,147 579,054 1,945,113 1,633,603 (1,778,070) (1,726,040) 4,281,941 3,880,860

Inter-segment revenue is eliminated upon consolidation and reflected in the ‘adjustments and eliminations’ column. All other adjustments
and eliminations are part of detailed reconciliations presented below:
Notes: Nature of adjustments and eliminations to arrive at the amounts reported in the consolidated financial statements
A. Inter-segment revenues are eliminated on consolidation.
B. Other non-cash items include the following items as presented in the respective notes to the financial statements:
2018 2017
RM’000 RM’000
Impairment loss on trade and other receivables 10,255 5,256

Unrealised returns on security retainers accumulation fund (281) (216)
Bad debts written off 80 432
Reversal of impairment loss on trade and other receivables (3,028) (180)
Amortisation of deferred license fees (4,402) (4,321)
Amortisation of security retainers accumulation fund 11 12
Impairment loss on intangible assets 1,475 -
Amortisation of intangible assets 106 -
Property, plant and equipment written off 48 1,358
Gain on disposal of investment properties - (1,444)
Gain on disposal of a joint venture 24,427 -
Gain on a bargain purchase 15,911 -
Net gain on disposal of property, plant and equipment (10,246) (1,957)
Net fair value gain on investment properties (31,422) (36,291)
C. The following items are added to/(deducted from) segment profit to arrive at profit before tax from continuing operations presented
in the consolidated statement of comprehensive income:

2018 2017
RM’000 RM’000
Share of results of joint ventures 419 24,958

Share of results of an associate 546 (1,121)
Finance costs (66,855) (62,478)


Notes: Nature of adjustments and eliminations to arrive at the amounts reported in the consolidated financial statements (cont’d.)
D. Additions to non-current assets consist of:
2018 2017
RM’000 RM’000
Property, plant and equipment (Note 15) 102,872 133,789

Intangible assets (Note 22) 27,236 -
Investment properties (Note 17) 890 2,017
Land held for property development (Note 16(a)) 156,355 74,188
287,353 209,994
41. SIGNIFICANT EVENTS

The following is a summary of material disposals of properties by the Group’s subsidiaries during the financial year ended
31 December 2018:
(i) On 2 September 2017, Tropicana Kajang Hill Sdn. Bhd., a wholly-owned subsidiary of the Group, entered into a sale and purchase
agreement with Aspen Vision Development (Central) Sdn. Bhd., for disposal of a piece of freehold land measuring approximately
22,954 square metres in Selangor for a total consideration of RM66,710,196. Accordingly, loss on disposal of RM21,217,393 was
recognised in the profit or loss upon the fulfilment of conditions precendent on 5 November 2018.
(ii) On 13 April 2018, Tropicana Metropark Sdn. Bhd., a wholly-owned subsidiary of the Group, entered into a sale and purchase
agreement with Next Delta Sdn. Bhd., a wholly-owned subsidiary of MCT Berhad, for disposal of a piece of freehold land measuring
approximately 36,907 square metres in Selangor for a total cash consideration of RM143,000,000. Accordingly, gain on disposal of
RM30,103,770 was recognised in the profit or loss.
(iii) On 23 August 2018, Tropicana Golf & Country Resort Berhad, a wholly-owned subsidiary of the Group, entered into a sale and
purchase agreement with Allinex Supercar Sdn. Bhd., for disposal of a leasehold land measuring approximately 3,617 square meters
in Selangor for a total cash consideration of RM11,679,919. Accordingly, gain on disposal of RM9,812,064 was recognised in the
profit or loss.


42. SUBSEQUENT EVENTS
(i) On 17 January 2019, the Company acquired the balance of 51 ordinary shares in Tropicana Urban Homes Sdn. Bhd. (“TUHSB”) for
a total cash consideration of RM51. With this acquisition, TUHSB became a wholly-owned subsidiary of the Company.
(ii) On 24 January 2019, Tropicana had entered into the following agreements in relation to the proposed acquisitions of 12 real estate
holding companies:
(a) conditional share purchase agreement (“SPA”) with Tan Sri Dato’ Tan Chee Sing (“TSDT”), Dato’ Dickson Tan Yong Loong
(“DDT”), Dillon Tan Yong Chin (“Dillon Tan”), Diana Tan Sheik Ni (“Diana Tan”) and Dion Tan Yong Chien (“Dion Tan”) for the
proposed acquisition of 100% equity interest in GP Views Development Sdn. Bhd. (“GP Views”) which is the registered owner
of land located in the District of Pontian, Mukim Jeram Batu, State of Johor measuring approximately 304.44 acres (“Proposed
Acquisition of GP Views”);
(b) conditional SPA with TSDT, DDT, Dillon Tan, Diana Tan and Dion Tan for the proposed acquisition of 100% equity interest in
Tropicana Scenic Development Sdn. Bhd. (formerly known as Renown Empire Sdn. Bhd.) (“TS Development”) which is the
registered owner of land located in the District of Pontian, Mukim Jeram Batu, State of Johor measuring approximately 5.63
acres (“Proposed Acquisition of TS Development”);
(c) conditional SPA with TSDT, DDT, Dillon Tan and Diana Tan for the proposed acquisition of 100% equity interest in Firstwide
Plus Sdn. Bhd. (“Firstwide Plus”) which is the registered owner of land located in the District of Johor Bahru, Mukim Pulai, State
of Johor measuring approximately 294.4 acres (“Proposed Acquisition of Firstwide Plus”);
(d) conditional SPA with TSDT, DDT, Dillon Tan and Diana Tan for the proposed acquisition of 100% equity interest in Rhythm
Crest Sdn. Bhd. (“Rhythm Crest”) which is the registered owner of land located at the District of Johor Bahru, Mukim Pulai,
State of Johor measuring approximately 25.0 acres (“Proposed Acquisition of Rhythm Crest”);
(e) conditional SPA with TSDT, DDT, Dillon Tan and Diana Tan for the proposed acquisition of 100% equity interest in Lingkaran
Utama Sdn. Bhd. (“Lingkaran Utama”) which has 100% beneficial interest in land located in the District of Pontian, Mukim
Jeram Batu, State of Johor measuring approximately 40.02 acres (“Proposed Acquisition of Lingkaran Utama”);
(f) conditional SPA with TSDT, DDT, Dillon Tan and Diana Tan for the proposed acquisition of 100% equity interest in Danga
Lagoon Development Sdn. Bhd. (“DL Development”) which has 100% beneficial interest in land located in the District of Johor
Bahru, Mukim Pulai, State of Johor measuring approximately 7.61 acres (“Proposed Acquisition of DL Development”);
(g) conditional SPA with TSDT, DDT, Dillon Tan and Diana Tan for the proposed acquisition of 100% equity interest in Danga
Lagoon Garden Sdn. Bhd. (“DL Garden”) which is the registered owner of land located in the District of Johor Bahru, Mukim
Pulai, State of Johor measuring approximately 1.39 acres (“Proposed Acquisition of DL Garden”);
(h) conditional SPA with TSDT, DDT, Dillon Tan and Diana Tan for the proposed acquisition of 70% equity interest in Suasana Metro
Sdn. Bhd. (“Suasana Metro”) which is the registered owner of land located in the District of Johor Bahru, Mukim Pulai, State of
Johor measuring approximately 5.04 acres (“Proposed Acquisition of Suasana Metro”);
(i) conditional SPA with TSDT, DDT, Dillon Tan and Diana Tan for the proposed acquisition of 100% equity interest in Acehub
Fortune Sdn. Bhd. (“Acehub”), which holds 65% equity interest in Lido Waterfront Boulevard Sdn. Bhd. (“Lido WB”) which is the
registered owner of land located in the District of Johor Bahru, Bandar Johor Bahru, State of Johor measuring approximately
95.19 acres (“Proposed Acquisition of Acehub”);
(j) conditional SPA with TSDT for the proposed acquisition of the remaining 49.9% equity interest in Peluang Duta Sdn. Bhd.
(“Peluang Duta”), a 50.1%-owned subsidiary of TCB, which holds 70% equity interest in T Sanctuary Development Sdn. Bhd.
(“T Sanctuary”), the registered owner of land located in the District of Johor Bahru, Mukim Jelutong, State of Johor measuring
approximately 329.15 acres (“Proposed Acquisition of Peluang Duta”),
(k) conditional SPA with TSDT and DDT for the proposed acquisition of 100% equity interest in T Kiara Lestari Development
Sdn. Bhd. (“TKLD”) which is the registered owner of land located in the District of Kuala Lumpur, Wilayah Persekutuan
measuring approximately 8.28 acres (“Proposed Acquisition of TKLD”); and
(l) conditional SPA with TSDT and DDT for the proposed acquisition of 100% equity interest in T Kiara Lestari Land Sdn. Bhd.
(“TKLL”) which is the registered owner of land located in the District of Kuala Lumpur, Wilayah Persekutuan measuring
approximately 5.72 acres (“Proposed Acquisition of TKLL”),
for a total purchase consideration of approximately RM343.7 million, subject to adjustments, to be satisfied via the issuance of 286.5
million new redeemable convertible preference shares in the Company (“TCB RCPS”) at an issue price of RM1.20 per TCB RCPS.


42. SUBSEQUENT EVENTS (CONT’D.)
(ii) On 24 January 2019, Tropicana had entered into the following agreements in relation to the proposed acquisitions of 12 real estate
holding companies: (cont’d.)
Proposed Acquisition of GP Views, Proposed Acquisition of TS Development, Proposed Acquisition of Firstwide Plus, Proposed
Acquisition of Rhythm Crest, Proposed Acquisition of Lingkaran Utama, Proposed Acquisition of DL Development, Proposed
Acquisition of DL Garden, Proposed Acquisition of Suasana Metro, Proposed Acquisition of Acehub, Proposed Acquisition of Peluang
Duta, Proposed Acquisition of TKLD and Proposed Acquisition of TKLL are collectively referred to as “Proposed Acquisitions”.
GP Views, TS Development, Firstwide Plus, Rhythm Crest, Lingkaran Utama, DL Development, DL Garden, Suasana Metro, Acehub
and Peluang Duta, TKLD and TKLL are collectively referred to as “Acquiree Companies”.
As part of the Proposed Acquisitions, the Company had on the same date, entered into a deed of accord and satisfaction (“DAS”)
and a mutual agreement (“MA”) with TSDT for the proposed settlement of all amounts owing by the Acquiree Companies to TSDT
upon the completion of Proposed Acquisitions (“Proposed Debt Settlement”).
In conjunction with the Proposed Acquisitions and the Proposed Debt Settlement, the Company proposes to amend the Constitution
of the Company (“Constitution”) to facilitate the issuance of the TCB RCPS for the implementation of the Proposed Acquisitions and
Proposed Debt Settlement (“Proposed Amendments”).
In addition, the Company had on the same date entered into 5 memorandum of understanding (“MOUs”) to negotiate the terms of
the proposed collaborations with the following parties:
(a) Pantai Kok Resort Development Sdn. Bhd. (“Pantai Kok”), to develop the land identified as Lot 60249 and Lot 60250,
Section 2, Town of Padang Mat Sirat, District of Langkawi, Kedah (“Pantai Kok Land”) measuring approximately 44.61 acres
(“Proposed Pantai Kok Collaboration”);
(b) Cenang Resort Sdn. Bhd. (“Cenang Resort”), to develop the land identified as Lot PT 375, Lot PT 535, Lot PT 536, Section
4, Town of Padang Mat Sirat, District of Langkawi, Kedah (“Pantai Cenang Land”) measuring approximately 6.46 acres
(“Proposed Cenang Resort Collaboration”);
(c) Sinaran Ramah Sdn. Bhd. (“Sinaran Ramah”), to develop the land identified as Lot 1471, Mukim Kedawang, District of Langkawi,
Kedah (“Pulau Rebak Kechik Land”) measuring approximately 2.476 acres (“Proposed Sinaran Ramah Collaboration”);
(d) Suci Padu Sdn. Bhd. (“Suci Padu”), to develop the land identified as HSD 13678 to HSD 13692, Mukim of Jeram Batu, District
of Pontian, Johor (“Pekan Nenas Land 1”) measuring approximately 1,230.21 acres (“Proposed Suci Padu Collaboration”); and
(e) Ibarat Indah Sdn. Bhd. (“Ibarat Indah”), to develop the land identified as HSD 13676 and HSD 13677, Mukim of Jeram Batu, District
of Pontian, Johor (“Pekan Nenas Land 2”) measuring approximately 45.00 acres (“Proposed Ibarat Indah Collaboration”).
Proposed Cenang Collaboration, Proposed Sinaran Ramah Collaboration, Proposed Pantai Kok Collaboration, Proposed Suci Padu
Collaboration and Proposed Ibarat Indah Collaboration are collectively referred to as “Proposed Collaborations”.
The Proposed Acquisitions, Proposed Debt Settlement, Proposed Amendments and Proposed Collaborations to be collectively
referred to as “Proposals”.
As at the date of this report, the Proposals are expected to be completed by the third quarter of 2019.
(iii) On 18 February 2019, Tropicana Mentari Development Sdn. Bhd. (“TMDSB”), a wholly-owned subsidiary of the Company acquired
1 ordinary share representing 100% of the total paid-up share capital of Urban Discovery Sdn. Bhd. (“Urban Discovery”), for a total
cash consideration of RM1.00. With this acquisition, Urban Discovery became a wholly-owned subsidiary of TMDSB, which in turn
is an indirect wholly-owned subsidiary of the Company.
(iv) On 1 March 2019,Tropicana Marketplace Sdn. Bhd. (“TMSB”), a wholly-owned subsidiary of the Company that its wholly foreign
owned enterprise by the name of “Tropicana Marketplace (Hong Kong) Limited with a total amount of investment of Hong Kong
Dollar (“HKD”) 1.00 and registered capital of HKD1.00 has been registered on 26 February 2019, as a private limited liability company
in Hong Kong, the People’s Republic of China.
(v) On 4 March 2019, the Company acquired 1 ordinary share representing 100% of the total paid-up share capital of Pixelcloud Sdn.
Bhd. (“Pixelcloud”), for a total cash consideration of RM1.00. With this acquisition, Pixelcloud became a wholly-owned subsidiary
of the Company.


42. SUBSEQUENT EVENTS (CONT’D.)
(vi) On 21 August 2018, Tropicana Golf & Country Resort Berhad (“TGCRB”), a wholly-owned subsidiary of the Group, entered into a
sale and purchase agreement (“SPA”) with One Residence Sdn. Bhd. (“ORSB”), an indirect wholly-owned subsidiary of MCT Berhad,
for the disposal of a leasehold land with an area measuring approximately 7,143 square meters in Bandar Damansara, District of
Petaling, State of Selangor (“Land”) for a cash consideration of RM42,287,000.
On 13 March 2019, ORSB has fully paid the purchase price and the sale and purchase transaction is completed in accordance with
the provision of the SPA.
43. MATERIAL LITIGATION
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”).
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 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.
44. CAPITAL MANAGEMENT
The primary objective of the Group’s and of the Company’s capital management is to ensure that it maintains a strong credit rating and
healthy capital ratios in order to support its business and maximise shareholder value.
The Group and the Company manage their capital structure and make adjustments to it, in light of changes in economic conditions. To
maintain or adjust the capital structure, the Group and the Company may adjust the dividend payment to shareholders, return capital
to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the financial years ended
31 December 2018 and 31 December 2017.
The Group and the Company monitors capital using a gearing ratio, which is net debt divided by total capital. The Group and the
Company includes within net debt, loans and borrowings less cash and bank balances. Capital refers to equity attributable to owners of
the parent.
Group Company
2018 2017 2018 2017
RM’000 RM’000 RM’000 RM’000
Borrowings (Note 31) 1,956,185 1,847,774 438,397 483,498

Less: Cash and bank balances (Note 26) (975,774) (941,410) (40,623) (52,654)
Net debt 980,411 906,364 397,774 430,844
Equity attributable to the owners of the parent 3,403,670 3,275,482 2,661,576 2,719,485
Gearing ratio 0.29 0.28 0.15 0.16


45. EXPLANATION OF TRANSITION FROM FRS TO MFRS
The reconciliations of financial position and equity, total comprehensive income and cash flows for comparitive periods and of financial
position and equity at the date of transition under FRS to those reported for those periods and as at the date of transition under MFRS are
provided below:
Reconciliation of statements of comprehensive income
As presented Effect of As presented

under FRS transition under MFRS
as at to MFRS as at
31/12/2017 31/12/2017 31/12/2017
RM’000 RM’000 RM’000
Revenue 1,908,768 (93,994) 1,814,774

Cost of sales (1,395,826) 32,767 (1,363,059)
Gross profit 512,942 (61,227) 451,715
Other income 63,497 - 63,497
Selling and marketing expenses (79,941) 50,022 (29,919)
Administrative expenses (180,782) - (180,782)
Other expenses (13,632) - (13,632)
Operating profit 302,084 (11,205) 290,879
Finance income 20,631 5,559 26,190
Finance costs (62,478) - (62,478)
Share of results of joint ventures 29,651 (4,693) 24,958
Share of results of an associate (1,121) - (1,121)
Profit before tax 288,767 (10,339) 278,428
Income tax expense (91,778) 3,074 (88,704)
Profit net of tax for the financial year 196,989 (7,265) 189,724
Other comprehensive loss to be reclassified to profit or loss in subsequent period:

Foreign currency translation (35) - (35)
Total comprehensive income 196,954 (7,265) 189,689
Profit attributable to:

Owners of the parent 187,476 (6,589) 180,887
Non-controlling interests 9,513 (676) 8,837
196,989 (7,265) 189,724
Total comprehensive income attributable to:

Owners of the parent 187,441 (6,589) 180,852
Non-controlling interests 9,513 (676) 8,837
196,954 (7,265) 189,689


45. EXPLANATION OF TRANSITION FROM FRS TO MFRS (CONT’D.)
Reconciliation of statements of comprehensive income (cont’d.)

as at to MFRS as at
31/12/2017 31/12/2017 31/12/2017
RM’000 RM’000 RM’000
Earnings per share attributable to owners of the Parent: (sen per share)
- Basic 12.89 (0.45) 12.44
- Diluted 12.89 (0.45) 12.44
Reconciliation of statements of financial position

as at to MFRS as at
31/12/2017 31/12/2017 31/12/2017
RM’000 RM’000 RM’000
Assets
Non-current assets
Property, plant and equipment 820,193 - 820,193
Land held for property development 2,035,390 (2,035,390) -
Inventories - 2,048,099 2,048,099
Investment properties 560,099 - 560,099
Investment in an associate 37,023 - 37,023
Investments in joint ventures 426,577 65 426,642
Other investments 312 - 312
Intangible assets 1,475 - 1,475
Deferred tax assets 52,783 (3,828) 48,955
Trade and other receivables 27,941 (17,790) 10,151
3,961,793 (8,844) 3,952,949
Current assets
Property development costs 1,537,428 (1,537,428) -
Inventories 31,893 1,355,065 1,386,958
Trade and other receivables 1,040,875 (451,746) 589,129
Contract cost assets - 141,908 141,908
Contract assets - 416,005 416,005
Tax recoverable 39,979 - 39,979
Cash and bank balances 941,410 - 941,410
3,591,585 (76,196) 3,515,389
Total assets 7,553,378 (85,040) 7,468,338


Reconciliation of statements of financial position (cont’d.)

as at to MFRS as at
31/12/2017 31/12/2017 31/12/2017
RM’000 RM’000 RM’000

Share capital 2,044,314 - 2,044,314
Treasury shares (6,692) - (6,692)
Other reserves 1,266,006 (28,146) 1,237,860
3,303,628 (28,146) 3,275,482
Total equity 3,613,365 (25,887) 3,587,478
Provision for liabilities 133,658 (133,658) -
Deferred tax liabilities 55,935 989 56,924
Borrowings 1,166,038 - 1,166,038
Trade and other payables 923,015 (80,002) 843,013
Contract liabilities - 139,702 139,702
2,278,646 (72,969) 2,205,677
Current liabilities
Borrowings 681,736 - 681,736
Tax payable 33,483 - 33,483
1,661,367 13,816 1,675,183
Total liabilities 3,940,013 (59,153) 3,880,860
Total equity and liabilities 7,553,378 (85,040) 7,468,338



as at to MFRS as at
01/01/2017 01/01/2017 01/01/2017
RM’000 RM’000 RM’000
Assets
Non-current assets
Property, plant and equipment 741,864 - 741,864
Land held for property development 2,236,335 (2,236,335) -
Inventories - 2,100,810 2,100,810
Investment properties 447,519 - 447,519
Investment in an associate 38,144 - 38,144
Investments in joint ventures 396,926 4,758 401,684
Other investments 312 - 312
Intangible assets 1,475 - 1,475
Deferred tax assets 26,468 (2,748) 23,720
Trade and other receivables 39,138 - 39,138
3,928,181 (133,515) 3,794,666
Current assets
Property development costs 1,593,795 (1,593,795) -
Inventories 34,931 1,309,310 1,344,241
Trade and other receivables 880,006 (492,224) 387,782
Contract cost assets - 231,877 231,877
Contract assets - 516,515 516,515
Tax recoverable 47,328 - 47,328
Cash and bank balances 841,265 - 841,265
3,397,325 (28,317) 3,369,008
Total assets 7,325,506 (161,832) 7,163,674



as at to MFRS as at
01/01/2017 01/01/2017 01/01/2017
RM’000 RM’000 RM’000

Share capital 1,447,466 - 1,447,466
Treasury shares (23,648) - (23,648)
Share premium 577,984 - 577,984
Other reserves 1,125,098 (21,557) 1,103,541
3,126,900 (21,557) 3,105,343
Total equity 3,415,984 (18,622) 3,397,362
Provision for liabilities 218,192 (218,192) -
Deferred tax liabilities 54,491 5,143 59,634
Borrowings 1,261,505 - 1,261,505
2,521,630 (153,727) 2,367,903
Current liabilities
Borrowings 551,759 - 551,759
Trade and other payables 823,308 (267) 823,041
Tax payable 12,825 - 12,825
1,387,892 10,517 1,398,409
Total liabilities 3,909,522 (143,210) 3,766,312
Total equity and liabilities 7,325,506 (161,832) 7,163,674
Reconciliation of statements of cash flows

as at to MFRS as at
31/12/2017 31/12/2017 31/12/2017
RM’000 RM’000 RM’000
Net cash from operating activities 192,957 (5,559) 187,398

Net cash used in investing activities (81,642) 5,559 (76,083)
Net cash used in financing activities (159,409) - (159,409)
Net decrease in cash and cash equivalents (48,094) - (48,094)

ANALYSIS OF
SHAREHOLDINGS
AS AT 29 MARCH 2019
SHARE CAPITAL
Total issued shares : 1,470,417,161 ordinary shares
Treasury shares : 35,427,642 treasury shares held by the Company
Class of shares : Ordinary shares
Voting rights : One vote per ordinary share
DISTRIBUTION OF SHAREHOLDINGS
No. of % of Total % of
Sizes of Shareholdings Shareolders Shareholders Shareholdings Shareholdings
1 - 99 1,340 12.67 42,816 #
100 to 1,000 534 5.05 183,021 0.01

1,001 to 10,000 6,126 57.93 19,938,754 1.39
10,001 to 100,000 2,249 21.27 54,709,941 3.81
100,001 to 71,749,476 *
322 3.05 1,111,127,621 77.43
71,749,476 and above **
3 0.03 248,987,366 17.35
Total 10,574 100.00 1,434,989,519@ 100.00
Notes:
#
Negligible
*
Less than 5% of issued shares
**
5% and above of issued shares
@
exclude a total of 35,427,642 treasury shares retained by the Company as per record of depositors as at 29 March 2019
SUBSTANTIAL SHAREHOLDERS AS PER THE REGISTER OF SUBSTANTIAL SHAREHOLDERS

(excluding bare trustees)
No. of Shares Held

Names Direct Interest % Deemed Interest %
Tan Sri Dato’ Tan Chee Sing 347,800,053 24.24 553,910,834(1) 38.60
Tan Sri Dr Lim Wee Chai 150,702,783 10.50 - -
Aliran Firasat Sdn. Bhd. 298,057,597 20.77 - -
Golden Diversity Sdn. Bhd. 136,510,802 9.51 - -
Impeccable Ace Sdn. Bhd. 119,342,435 8.32 - -
Notes:
(1)
Deemed interested by virtue of his interests in Aliran Firasat Sdn. Bhd., Golden Diversity Sdn. Bhd. and Impeccable Ace Sdn. Bhd. pursuant to
Section 8 of the Companies Act 2016 (“Act”)

ANALYSIS OF SHAREHOLDINGS
AS AT 29 MARCH 2019
DIRECTORS’ SHAREHOLDINGS IN THE COMPANY AS PER THE REGISTER OF DIRECTORS’ SHAREHOLDINGS
No. of Shares Held

Tan Sri Dr Lim Wee Chai 150,702,783 10.50 - -

Tan Sri Dato’ Tan Chee Sing 347,800,053 24.24 555,388,612 (2)
38.70
Loh Chen Peng 51,257 #
- -
Datuk Wira Lye Ek Seang 2,893,619 0.20 - -
Notes:
#
Negligible
(2)
Deemed interested by virtue of his interests in Aliran Firasat Sdn. Bhd., Golden Diversity Sdn. Bhd. and Impeccable Ace Sdn. Bhd. pursuant to
Section 8 of the Act, spouse and child pursuant to Section 59(11) of the Act.
ANALYSIS OF DIRECTORS’ SHAREHOLDINGS IN RELATED COMPANY
Related Company
Tropicana Sanctuary Holdings Sdn. Bhd. (formerly known as Peluang Duta Sdn. Bhd.)
% of % of
Name of Director Direct Interest Shareholding Deemed Interest Shareholdings
Tan Sri Dato’ Tan Chee Sing 499,000 49.90 - -
THIRTY LARGEST REGISTERED SHAREHOLDERS ACCORDING TO THE RECORD OF DEPOSITORS

(Without aggregating the securities from different securities account belonging to the same depositor)
No. Names of Shareholders No. of Shares %
1. UOBM Nominees (Tempatan) Sdn. Bhd. 88,163,416 6.14

United Overseas Bank Nominees (Pte) Ltd for Tan Chee Sing
2. Scotia Nominees (Tempatan) Sdn. Bhd. 80,421,900 5.60
Pledged Securities Account for Aliran Firasat Sdn. Bhd.
3. Lim Wee Chai 80,402,050 5.60
4. RHB Nominees (Tempatan) Sdn. Bhd. 70,537,017 4.92
Bank of China (Malaysia) Berhad
5. Maybank Nominees (Tempatan) Sdn. Bhd. 58,278,076 4.06
Pledged Securities Account for Tan Chee Sing
6. Kenanga Nominees (Tempatan) Sdn. Bhd. 54,333,268 3.79
Pledged Securities Account for Aliran Firasat Sdn. Bhd. (001)
Pledged Securities Account for Impeccable Ace Sdn. Bhd.
Pledged Securities Account for Lim Wee Chai
9. Alliancegroup Nominees (Tempatan) Sdn. Bhd. 42,765,544 2.98
Pledged Securities Account for Tan Chee Sing (8118939)
10. Amsec Nominees (Tempatan) Sdn. Bhd. 41,450,000 2.89
Pledged Securities Account - AmBank Islamic Berhad for Aliran Firasat Sdn. Bhd.

ANALYSIS OF SHAREHOLDINGS
AS AT 29 MARCH 2019
THIRTY LARGEST REGISTERED SHAREHOLDERS ACCORDING TO THE RECORD OF DEPOSITORS (CONT’D.)

(Without aggregating the securities from different securities account belonging to the same depositor)
No. Names of Shareholders No. of Shares %
12. RHB Capital Nominees (Tempatan) Sdn. Bhd. 34,046,700 2.37

Pledged Securities Account for Impeccable Ace Sdn. Bhd.
Pledged Securities Account for Enhance Summer Sdn. Bhd.
14. ABB Nominee (Tempatan) Sdn. Bhd. 30,030,080 2.09
Pledged Securities Account for Tan Chee Sing (DT’S OD3)
Pledged Securities Account for Golden Diversity Sdn. Bhd.
16. DB (Malaysia) Nominee (Tempatan) Sendirian Berhad 26,111,733 1.82
Deutsche Bank AG Singapore PWM for Lim Wee Chai
Pledged Securities Account for Golden Diversity Sdn. Bhd. (51405769502A)
Pledged Securities Account for Impeccable Ace Sdn. Bhd. (51231662809C)
19. Maybank Securities Nominees (Tempatan) Sdn. Bhd. 22,178,816 1.55
Pledged Securities Account for Reka Antika Sdn. Bhd. (Margin)
Pledged Securities Account for Golden Diversity Sdn. Bhd. (DT’S OD3)
21. Bank Kerjasama Rakyat Malaysia Berhad 20,240,000 1.41
Pledged Securities Account - AmBank Islamic Berhad for Tan Chee Sing
23. CIMB Group Nominees (Tempatan) Sdn. Bhd. 19,281,902 1.34
Pledged Securities Account for Golden Diversity Sdn. Bhd. (CBM & EDG)
Pledged Securities Account for Aliran Firasat Sdn. Bhd. (TSDTCS-CBM-REC)
Pledged Securities Account for Tan Chee Sing (OD4)
Pledged Securities Account for Golden Diversity Sdn. Bhd. (41405751840A)
Pledged Securities Account for Tan Chee Sing, Dato (1835 ANSA)
28. Scotia Nominees (Tempatan) Sdn. Bhd. 17,253,797 1.20
Pledged Securities Account for Tan Chee Sing
29. Advanced Defence Systems Sdn. Bhd. 16,846,939 1.17
30. CIMB Bank for Vincent Tan Chee Youn (PBCL-0G0361) 14,400,000 1.00
Total 1,066,559,757 74.33

ANALYSIS OF
WARRANT HOLDINGS
AS AT 29 MARCH 2019
WARRANT 2009/2019
No. of warrants issued : 160,707,498
No. of warrants outstanding : 153,557,696
Exercise price of warrants : RM1.00 each
Expiry date of warrants : 8 December 2019
Voting rights of warrantholders’ meeting : One vote per warrant
DISTRIBUTION OF WARRANT HOLDINGS
No. of % of Number of % of
Sizes of Warrant Holdings Warrantholders Warrantholders Warrants Held Warrantholdings
1 to 99 429 18.39 21,032 0.01

100 to 1,000 535 22.93 354,185 0.23
1,001 to 10,000 837 35.88 3,154,494 2.05
10,001 to 100,000 412 17.66 15,692,540 10.22
100,001 to less than 7,677,885 *
117 5.02 63,864,971 41.59
7,677,885 and above **
3 0.13 70,470,474 45.89
Total 2,333 100.00 153,557,696 100.00
Notes:
*
Less than 5% of the total warrants in issue
**
5% and above of the total warrants in issue
DIRECTORS’ WARRANTHOLDINGS IN THE COMPANY AS PER THE REGISTER OF DIRECTORS’ WARRANTHOLDINGS
No. of Warrants Held

Tan Sri Dato’ Tan Chee Sing 49,304,036 32.11 24,800,950(1) 16.15
Notes:
(1)
Deemed interested by virtue of his interests in Golden Diversity Sdn. Bhd. and Impeccable Ace Sdn. Bhd. pursuant to Section 8 of the
Companies Act 2016.
THIRTY LARGEST WARRANT HOLDERS ACCORDING TO THE RECORD OF DEPOSITORS AS AT 29 MARCH 2019
(Without aggregating the securities from different securities account belonging to the same Depositors)
No. Names of Warrant Holders No. of Warrants %

Impeccable Ace Sdn. Bhd.
3. Maybank Nominees (Asing) Sdn. Bhd. 8,215,656 5.35
Pledged Securities Account for San Tuan Sam
4. UOBM Nominees (Asing) Sdn. Bhd. 5,717,921 3.72
United Overseas Bank Nominees (Pte) Ltd for Fortune First Limited
5. Golden Diversity Sdn. Bhd. 5,264,333 3.43
6. Tng Kee Meng 4,360,000 2.84

ANALYSIS OF WARRANT HOLDINGS

AS AT 29 MARCH 2019
THIRTY LARGEST WARRANT HOLDERS ACCORDING TO THE RECORD OF DEPOSITORS AS AT 29 MARCH 2019 (CONT’D.)
(Without aggregating the securities from different securities account belonging to the same Depositors)
No. Names of Warrant Holders No. of Warrants %

Pledged Securities Account for Golden Diversity Sdn. Bhd. (CBM & EDG)
8. UOBM Nominees (Asing) Sdn. Bhd. 3,715,000 2.42
United Overseas Bank Nominees (Pte) Ltd for Novel Glory Investments Limited
9. Goh Cheah Hong 3,021,392 1.97
Pledged Securities Account – Ambank (M) Berhad for Tan Chee Sing
11. Alliancegroup Nominees (Tempatan) Sdn. Bhd. 1,348,900 0.88
Pledged Securities Account for Ng Ah Meng
12. Ting Seu Nguong 1,318,400 0.86
13. Ng Cheek What 1,303,400 0.85
14. RHB Capital Nominees (Tempatan) Sdn. Bhd. 1,199,900 0.78
Silvercheers Sdn. Bhd.
15. Ng Cheek What 1,148,300 0.75
16. Law Sook Kuan 1,114,533 0.73
17. Ng Kok Hin 1,061,800 0.69
18. Maybank Nominees (Tempatan) Sdn. Bhd. 995,700 0.65
Chang Chung Yew
19. Goh Cheah Hong 852,912 0.56
20. Choong Yoke Lee 727,141 0.47
21. Maybank Securities Nominees (Tempatan) Sdn. Bhd. 681,400 0.44
Pledged Securities Account for Lee Tian Fatt (REM 878-MARGIN)
22. Eg Kaa Chee 678,242 0.44
23. Au Shiun Chour 650,000 0.42
24. Lee Chip Hwa 650,000 0.42
25. Tang Kee Hoon 620,000 0.40
26. RHB Capital Nominees (Tempatan) Sdn. Bhd. 603,640 0.39
Pledged Securities Account for Lee Poh Kwee (551004)
27. Affin Hwang Nominees (Asing) Sdn. Bhd. 601,668 0.39
Exempt an for DBS Vickers Securities (Singapore) Pte Ltd (Clients)
28. Low Bee Keng 600,000 0.39
29. Han Hay Moi 546,700 0.36
30. Indar Kaur A/P Dan Singh 468,200 0.30
Total 116,095,656 75.60

LIST OF
PROPERTIES
Fair Value/
Built-up Carrying
Year of Approx. Area/ Amount
Purpose/ Acquisition/ Age of Land Area Net 31 Dec Revaluation
Existing Year of Building Approx. Lettable 2018 Value Date of
Title Reference Use Tenure Completion* (Years) (acres) Area (sq ft) (RM’Million) (RM’Million) Revaluation
DAYA PETALING SDN. BHD.
PN 15978, Lot 102 Seksyen 27, Intan Square Leasehold 2012 9 0.49 41,622 29.00 29.00 Dec-18
Town of Petaling Jaya, (8-Storey (99 years)
District of Petaling, Selangor Commercial expiring on
Building with 19.11.2102
a basement
carpark)
NOBLE KINETIC SDN. BHD.
HS (D) 316106, PT40, Pekan Country Heights, Gems Freehold 2017* 1 5.00 236,602 110.00 110.00 Dec-18
Petaling, Selangor International
School
SAPPHIRE STEP SDN. BHD.
HSD39240, PT41265, Mukim Tanjung Duabelas, Tenby Leasehold 2018* 1 10.43 154,817 77.00 77.00 Dec-18
Daerah Kuala Langat International (99 years)
School expiring on
09.11.2110
TROPICANA AMAN SDN. BHD.
HSD39265, PT41306, Mukim Tanjung Duabelas, Land under Leasehold 2014 - 38.51 - 21.71 - -
Daerah Kuala Langat construction (99 years)
expiring on
09.11.2110
HSD39238, PT41262, HSD39239, PT41263 Mukim Land under Leasehold 2014 - 17.91 - 23.95 - -
Tanjung Duabelas, Daerah Kuala Langat construction (99 years)
expiring on
09.11.2110
expiring on
09.11.2110
expiring on
09.11.2110
HSD39252 PT41285,HSD39263 PT41303,HSD39264 Land held Leasehold 2014 - 248.72 - 727.04 - -

PT41305,HSD39272 PT41336,HSD39243 for future (99 years)
PT41269,HSD39246 PT41274,HSD39247 development expiring on
PT41275,HSD39248 PT41277,HSD39249 09.11.2110
PT41278,HSD39251 PT41284,HSD39253
PT41290,HSD39254 PT41291,HSD39270
PT41330,HSD39234 PT41253,HSD39275
PT41339,HSD39236 PT41258,HSD39273
PT41337,HSD39274 PT41338 Mukim Tanjung
Duabelas,
Daerah Kuala Langat
HSD39249, PT41278, Mukim Tanjung Duabelas, Showcase Leasehold 2015* 4 - 12,000 10.51 - -
Daerah Kuala Langat (99 years)
expiring on
09.11.2110
TROPICANA CHERAS SDN. BHD.
Hakmilik No: 330377 (PT 56738) & Hakmilik No: Land under Freehold 2008 - 2.91 - 14.18 - -
330376 (PT 56919) Mukim Cheras, Ulu Langat, construction
Selangor
TROPICANA COLISEUM (IPOH) SDN. BHD.
Lot No. 26749S, GRN 144938, Town of Ipoh (S), Coliseum Freehold 2012 8.5 1.31 50,661 22.80 23.00 Dec-17
District of Kinta, Perak Square (6
1/2-Storey
Commercial
Building)

LIST OF PROPERTIES
Fair Value/
Built-up Carrying
TROPICANA DANGA BAY SDN. BHD.
H.S.(D) 471884 PT 22902, Bandar Johor Bahru, Land held Freehold 2010 - 21.80 - 297.20 - -
Daerah Johor Bahru, Negeri Johor for future
development
H.S.(D) 471884 PT 22902, Bandar Johor Bahru, Proposed Freehold 2010 - 6.68 - 81.56 - -
Daerah Johor Bahru, Negeri Johor mall
development
H.S.(D) 471884 PT 22902, Bandar Johor Bahru, Sales Gallery Freehold 2012* 6 1.80 25,575 3.50 - -
Daerah Johor Bahru, Negeri Johor &
Project office
TROPICANA DANGA BAY RESORT SDN. BHD.
HSD455043 PTB21345 & HSD455049 PTB21346 Land held Freehold 2014 - 5.97 - 89.16 - -
Township and District of Johor Bahru, for future
State of Johor development
TROPICANA DANGA LAGOON SDN. BHD.

Lot 3432, 3433, 3434, 3435, 3440, 3441, 3442, 3443, Land held Leasehold (999 2012 & - 55.07 & - 145.72 - -
3445, 3446, 3447 and 44998, PTD 3997, Mukim for future & 99 years) 1.27 & 1.29
2015 &
Pulai, Daerah Johor Bahru, Negeri Johor development expiring on
17.01.2911 & 2018*
05.01.2091 &
30.12.2090
TROPICANA DESA MENTARI SDN. BHD.
GM800 Lot313, GM801 Lot321, GM802-806 Lot324- Land under Freehold 2014 - 256.54 - 462.19 - -
328, GM786 Lot337, GM808 Lot339, GM787 Lot340, construction
GM809-810 Lot342-343, GRN436669 Lot795,
GRN105314 Lot797, GM1199-1202 Lot 65678-65681,
Mukim Pulai, Daerah Johor Bahru, Negeri Johor
TROPICANA DEVELOPMENT (JOHOR BAHRU) SDN. BHD.
GRN 26977 Lot 4271 ,Bandar Johor Bahru, Land held Freehold 1991 - 21.69 - 67.31 - -
Daerah Johor Bahru, Negeri Johor for future
development
TROPICANA DEVELOPMENT (SABAH) SDN. BHD.
(i) CL215311658, (ii) CL215311667, 4-Storey Leasehold 2012 8 3.49 55,127 36.30 36.30 Dec-17
(iii) CL215011902 and (iv) CL215010807 Commercial (999 years)
(1/2 share), District of Penampang, Sabah Building expiring on
known as (i)&(ii)12.05.2920
Blue 7 (iii)15.10.2915
(iv)05.10.2912
CL215322660 District of Penampang, Sabah 5-Storey Leasehold (99 2012 7.5 1.39 44,207 26.00 26.00 Dec-18
Commercial years) expiring
Building on 31.12.2080
known as
KGK Annex/
Penampang
Point
CL215312922 District of Penampang, Sabah 3-Storey Leasehold (99 2012 11 2.68 34,713 25.00 25.00 Dec-18
Commercial years) expiring
Building on 31.12.2070
known as
D Junction

LIST OF PROPERTIES
Fair Value/
Built-up Carrying
TROPICANA EDUCATION MANAGEMENT SDN. BHD.
HS(D) 296471 PT12687, Pekan Baru Sungai Buloh, St Joseph's Leasehold 2016* 2 6.07 418,084 204.82 228.00 Dec-18
Daerah Petaling, Negeri Selangor Instituition - (99 years)
International expiring on
School 27.09.2106
Malaysia
(Tropicana PJ
Campus)
TROPICANA GOLF & COUNTRY RESORT BERHAD
Tropicana Golf & Country Resort, 47410 Club House Leasehold 1994 25 17.42 356,792 53.61 - -
Petaling Jaya, Negeri Selangor (99 years)
expiring on
25.10.2090
Tropicana Golf & Country Resort, 47410 Golf Course Leasehold 1994 - 220.36 - 33.03 - -
Petaling Jaya, Negeri Selangor (99 years)
expiring on
25.10.2090
Tropicana Golf & Country Resort, 47410 Golf course Leasehold 1994 - - - 19.17 - -
Petaling Jaya, Negeri Selangor and club (99 years)
house land expiring on
25.10.2090
Lot 89553, No Hakmilik 92831, Mukim Bandar Land held Leasehold 1991 - 1.77 - 4.89 - -
Damansara, Daerah Petaling, Negeri Selangor for future (99 years)
development expiring on
04.04.2109
Lot 946, No Hakmilik 15851, Mukim Bandar PPE Leasehold 2012* - 0.53 - 0.04 - -
Damansara, Daerah Petaling, Negeri Selangor (99 years)
expiring on
25.10.2090
TROPICANA HARAPAN
Jalan Harapan, GRN 22702 & 45709, Lot 1 & 4, Land held Freehold 2012 - 2.82 - 16.43 22.00 Mar-12
Seksyen 1, Pekan Sungai Penchala, District of for future
Petaling, Selangor. development
TROPICANA INDAH SDN. BHD.

Geran 79950 Lot 52582, Pekan Baru Sungai Buloh, Land under Leasehold 1994 - 9.29 - 645.15 - -
Daerah Petaling, Negeri Selangor construction (99 years)
expiring on
25.04.2106
Geran 79948 Lot 52581, Pekan Baru Sungai Buloh, Showcase Leasehold 2012* 6 2.95 13,057 2.55 - -
Daerah Petaling, Negeri Selangor (99 years)
expiring on
24.04.2106
TROPICANA JAYA SDN. BHD.
PT 14, HSD 124212, Town of Subang Jaya, Jaya Square Leasehold 2012 12.5 0.70 45,554 20.00 20.00 Dec-18
District of Petaling, Selangor (6-Storey (99 years)
Commercial expiring on
Building) 11.01.2098
TROPICANA KAJANG HILL SDN. BHD.
PT38088 Bandar Batu 18, Semenyih Showcase Freehold 2016* 2.5 2.00 45,717 16.50 16.50 Dec-18
Daerah Ulu Langat, Negeri Selangor
PT24764, Bandar Batu 18, Semenyih Daerah Land under Freehold 2012 - 20.18 - 50.62 - -
Ulu Langat, Negeri Selangor construction
PT38087 and PT38089, Bandar Batu 18, Land held Freehold 2012 - 12.92 - 115.42 - -
Semenyih Daerah Ulu Langat, Negeri Selangor for future
development

LIST OF PROPERTIES
Fair Value/
Built-up Carrying
TROPICANA KEMAYAN DEVELOPMENT SDN. BHD.
PN 25820-25821, Lot 24131-24132, Pekan Bukit Land held for Leasehold 2012 - 2.00 - 8.21 9.00 Mar-12
Kepayang, District of Seremban, investment (99 years)
Negeri Sembilan expiring on
17.04.2095
TROPICANA LAGOON SDN. BHD.
PM 42 Lot 44996 and PM 43 Lot 44997, Mukim Pulai, Land held Leasehold 2013 - 2.78 - 4.79 - -
Daerah Johor Bahru, Negeri Johor for future (99 years)
development expiring on
01.02.2091
TROPICANA LAHAD DATU DEVELOPMENT SDN. BHD.

CL115355612, District of Lahad Datu, Sabah Land held for Leasehold 2012 - 1.25 - 2.70 2.70 Dec-18
investment (999 years)
expiring on
08.05.2933
TROPICANA LAND (SANDAKAN) SDN. BHD.

CL075318697, District of Sandakan, Sabah Land held for Leasehold 2012 - 1.52 - 3.75 3.50 Mar-12
investment (999 years)
expiring on
09.07.2887
TROPICANA LAND SDN. BHD.

HSD 330120 PTD 123308 and GRN 422076 Land held Freehold 2012 - 4.41 - 19.69 - -
Lot 85652, Mukim Pulai, Daerah Johor Bahru, for future
Negeri Johor development
TROPICANA LIDO DEVELOPMENT SDN. BHD.

(i) CL215377763, (ii) CL215173649, (iii) Land held for Leasehold 2012 - 1.67 - 12.00 12.00 Dec-18
CL215173658, (iv) CL215278710 and (v) investment (99 years)
CL215278701, District of Penampang, Sabah expiring on
12.09.2060
TROPICANA MACALISTER AVENUE (PENANG) SDN. BHD.

Lot 10015, Seksyen 13, Bandar George Town, Hotel Freehold 2012 - 0.52 - 144.88 - -
Timor Laut, Pulau Pinang development
known as
Marriott
Hotel
TROPICANA METRO SDN. BHD.

GM 17092/11455, Lot 82748/10788 Section 31, 4-Storey Freehold 2012 22 2.15 60,589 22.00 22.00 Dec-18
Town of Klang, District of Klang, Selangor Commercial
Building with
a basement
carpark
TROPICANA METROPARK SDN. BHD.

GRN 321052 Lot 72019, GRN 316105 Lot 72050, Land held Freehold 2011 - 23.01 - 363.16 - -
Pekan Country Heights, Petaling, Selangor for future
development
GRN 321051 Lot 72018, GRN 321056 Lot 72023, Land under Freehold 2011 - 12.83 - 197.51 - -
Pekan Country Heights, Petaling, Selangor construction
GRN 321050, Lot 72017, Pekan Country Heights, Showcase Freehold 2012* 6 5.54 22,098 6.03 - -
Petaling, Selangor

LIST OF PROPERTIES
Fair Value/
Built-up Carrying
TROPICANA PROPERTIES (KENINGAU) SDN. BHD.
CL135366344, District of Keningau, Sabah 2-Storey Leasehold 2012 21.5 2.00 11,668 6.90 6.90 Dec-18
Commercial (999 years)
Building expiring on
known as 03.01.2917
Kelab
Rekreasi
Keningau
Bistro & Fun
Pub
TROPICANA PROPERTIES (KLANG) SDN. BHD.

PT 4215 Seksyen 23, Town of Klang, 10 Storey Freehold 2012 7 1.52 68,522 30.00 30.00 Dec-18
District of Klang, Selangor office tower
(Phase 1)
known as
Casa Klang
TROPICANA PROPERTIES (SABAH) SDN. BHD.
CL015106377, District of Kota Kinabalu, Sabah 3-Storey Leasehold 2012 7 0.23 17,709 9.00 9.00 Dec-18
Building with expiring on
basement 30.12.2914
(i) TL017511830, (ii) TL017511849, and 4-Storey Leasehold 2012 8 0.86 27,288 14.00 14.00 Dec-18
(iii) CL015105674, (iv) CL015138860, Commercial (999 years)
District of Kota Kinabalu, Sabah Building expiring on
known as (i),(ii)
Moretune & (iii)31.12.2913
(iv)31.12.2908
CL015562348, District of Kota Kinabalu, Sabah 4-Storey Leasehold 2012 21 0.45 17,137 9.00 9.00 Dec-18
known as 26.08.2916
Magma
TROPICANA PROPERTIES (SANDAKAN) SDN. BHD.
(i) Suburban Lease 077902179, (ii) TL077555081 3-Storey Leasehold 2012 8 1.88 32,637 12.80 12.80 Dec-18
and (iii) TL077555161, Commercial (999 years)
District of Sandakan, Sabah Building expiring on
(i)01.04.2893
(ii)&(iii)31.12.2910
TROPICANA PARKING SDN. BHD.
Part of PN 97674 Lot 89556, Bandar Damansara, A stratified Leasehold 2016* 2 5.73 - 36.00 36.00 May-18
District of Petaling, Selangor office lot (99 years)
accessorised expiring on
with 1,223 22.9.2109
car park
bays within
Tropicana
Avenue
TROPICANA RAHANG DEVELOPMENT SDN. BHD.
GRN 233167, Lot 23858, Town and Land held for Freehold 2012 - 2.42 - 4.84 4.84 Mar-12
District of Seremban, Negeri Sembilan investment

LIST OF PROPERTIES
Fair Value/
Built-up Carrying
TROPICANA RESIDENCES SDN. BHD.
Geran 51952, Lot 194, Seksyen 58, Land under Freehold 2010 - 0.52 - 73.22 - -
Bandar Kuala Lumpur, Daerah Kuala Lumpur, construction
Negeri Wilayah Persekutuan
Geran 51952, Lot 194, Seksyen 58, Hotel Freehold 2010 - 0.76 - 366.98 -
Bandar Kuala Lumpur, Daerah Kuala Lumpur, development
Negeri Wilayah Persekutuan known as W
Hotel
TROPICANA SIERRA SDN. BHD.

GRN 10396, Lot 10372, Mukin Bentong, Land held Freehold 2018 - 112.18 - 18.54 78.00 Apr-18
Daerah Bentong, Negeri Pahang for future
development
TROPICANA SUNGAI BULOH SDN. BHD.

GRN 37702, Lot 28478, Mukim Bentong Serviced Freehold 1996* 22 - 1,465 0.27 0.27 Dec-18
Bentong, Pahang apartment
TROPICANA TAWAU DEVELOPMENT SDN. BHD.

(i) TL107504138, (ii) TL107504147, (iii) TL107504156, Land held for Leasehold 2012 - 0.80 - 7.00 7.00 Dec-18
(iv) TL107504165 and (v) TL107504174, investment (999 years)
District Tawau, Sabah expiring on
31.12.2895
TROPICANA WISMA TT SDN. BHD.

PN 74910, Lot 62141, Town of Sunway, 7-Storey Leasehold 2012 8 1.83 64,941 28.00 28.00 Dec-18
District of Petaling, Selangor Commercial (99 years)
known as 29.08.2104
Wisma TT
T SANCTUARY DEVELOPMENT SDN. BHD.
HS(D) 436855, PT MLO 348 and HS(D) 436856, Land held Leasehold 2018 - 329.15 - 70.54 - -
PT MLO 349 for future
development
TROPICANA DANGA COVE SDN. BHD.^^
200 Plots on Mukim Plentong, Land under Freehold 2011 & 2012 - 55.89 - 35.46 - -
Daerah Johor Bahru, Negeri Johor construction
Part of 1130 Plots on Mukim Plentong, Land held Freehold 2011 & 2012 - 128.02 - 260.61 - -
Daerah Johor Bahru, Negeri Johor for future & 2013 &
development 2015
Part of 1130 Plots on Mukim Plentong, Land held for Freehold 2011 - 18.76 - 212.50 212.50 Dec-18
Daerah Johor Bahru, Negeri Johor investment
48 Plots on Mukim Plentong, Showcase Freehold 2015 4 5.60 20,547 5.75 - -
Daerah Johor Bahru, Negeri Johor
^^
Joint venture developments

CORPORATE
DIRECTORY
MAIN CONTACT NUMBERS Tropicana Metropark (Subang Jaya) Tropicana Danga Cove (Iskandar Malaysia)
Property Gallery & Show Unit Property Gallery & Show Unit
Head Office Lot 38515, Jalan Delima 1/1 Lot PTD 28845-28892
Tel: +603 7710 1018 Subang Hi-Tech Taman Cahaya Kota Puteri, Plentong
40000 Subang Jaya, Selangor 81750 Masai, Johor
Customer Loyalty & Services Tel: +603 5636 6888 / +603 5637 3018 Tel: +607 382 3355
Tel: +603 7713 8888 Email: enquiry@tropicanacorp.com.my Email: enquiry@tropicanacorp.com.my
Website: www.tropicanametropark.com.my Website: www.tropicanadangacove.com.my
Property Sales Hotline Operating Hours: 9:30am - 6:30pm Operating Hours: 9am - 6pm
Tel: +603 7713 8888 (Monday - Sunday) (Monday - Sunday)
Tropicana Heights (Kajang)

CORPORATE OFFICES Property Gallery & Show Unit PROPERTY MANAGEMENT OFFICE
Tropicana Corporation Berhad Tropicana Heights Show Village
Tropicana Management Services (TMS)
Level 2,7, 9, 10, 11 & 12 Off Jalan P6/2
Jalan Kelab Tropicana
Tropicana City Office Tower 43500 Semenyih, Kajang, Selangor
Tropicana Golf & Country Resort
No 3, Jalan SS 20/27 Tel: +603 7453 2328 / +6016 239 7565
47410 Petaling Jaya, Selangor
47400 Petaling Jaya, Selangor Email: enquiry@tropicanacorp.com.my
Tel: +603 7804 8888 ext: 513/ 557
Tel: +603 7710 1818 Website: www.tropicanaheights.com.my
Fax: +603 7806 5044
Fax: +603 7725 3035 Operating Hours: 9:30am - 6:30pm
Email: tms@tropicanacorp.com.my
Email: corpcomm@tropicanacorp.com.my (Monday - Sunday)
Office Hours: 9am - 6pm
Website: www.tropicanacorp.com.my
(Monday - Friday)
Office Hours: 9am - 6pm The Residences (KL City Centre)
9am - 1pm (Saturday)
(Monday - Friday) Property Gallery
4th Floor, South Block
Tropicana Grande
Tropicana Golf & Country Resort Berhad Wisma Selangor Dredging
Level 1, Management Office
Clubhouse 142A, Jalan Ampang
Block A, Tropicana Grande Condominium
Jalan Kelab Tropicana 50450 Kuala Lumpur
No. 3, Persiaran Tropicana, PJU 3
Tropicana Golf & Country Resort Tel: +603 2166 1188
47410 Petaling Jaya, Selangor Email: enquiry@tropicanacorp.com.my
Tel: +603 7610 0968
Tel: +603 7804 8888 Website: www.tropicanatheresidences. com.my
Fax: +603 7610 0966
Fax: +603 7804 3688 Operating Hours: 10am - 6pm
Email: tropicanagrande@tropicanacorp.com.my
Email: gm@tropicanagolf.com (Monday - Sunday)
Office Hours: 9am - 5.30pm
Website: www.tropicanagolf.com
(Monday - Friday)
Office Hours: 9am - 6pm Tropicana 218 Macalister (Penang)
(Monday - Friday) Property Gallery
9am - 1pm (Saturday) No. 16, Jalan Anson
Tropicana Indah
10400 Penang
Jalan Kelab Tropicana
Tel: +604 2105 888
PROPERTY GALLERY & SHOW UNITS Tropicana Golf & Country Resort
Email: enquiry@tropicanacorp.com.my
Tropicana Aman (Kota Kemuning) Website: www.tropicana218macalister.com.my
Tel: +603 7804 8888 ext: 154/ 557
Property Gallery & Show Unit Operating Hours: 9.30am - 6.30pm
Fax: +603 7806 5044
No. 2, Persiaran Aman Perdana 3 (Monday - Sunday)
Email: tisb@tropicanacorp.com.my
Bandar Tropicana Aman
Office Hours: 9am - 6pm
42500 Telok Panglima Garang, Selangor Tropicana Danga Bay (Iskandar Malaysia)
(Monday - Friday)
Tel: 1700 81 8868 Property Gallery & Show unit
Email: enquiry@tropicanacorp.com.my Lot PTB 22902, Teluk Danga
Website: www.tropicanaaman.com.my Jalan Persiaran Abu Bakar Sultan
Casa Tropicana
Operating Hours: 9:30am - 6:30pm 80200 Johor Bahru, Johor
B-5-17, Block B, Casa Tropicana
(Monday - Sunday) Tel: +607 234 1585
No. 5, Jalan Persiaran Tropicana PJU 3
Tropicana Golf & Country Resort
Tropicana Gardens (Kota Damansara) Website: www.tropicanadangabay.com.my
Property Gallery & Show Unit Operating Hours: 9am - 6pm
Tel: +603 7883 0982
Lot 52581, Jalan PJU 3/21 (Monday - Sunday)
Fax: +603 7883 0292
Tropicana Indah Resort Homes
Email: casatropicana@tropicanacorp.com.my
Kota Damansara
Office Hours: 9am - 5:30pm
(Monday - Friday)
Tel: +603 7880 0989
Website: www.tropicanagardens.com.my
Operating Hours: 9:30am - 6:30pm
(Monday - Sunday)
CORPORATE DIRECTORY
Tropicana Cheras Tropicana Avenue Tropicana Danga Bay (Bora)

No. 6, Jalan Tropicana Cheras 1 P-LG-01 Lower Ground Floor No. 01-01, Residensi Bora
Taman Tropicana Cheras Tropicana Avenue Jalan Danga 1/1, Teluk Danga
43000 Kajang, Selangor No. 12, Persiaran Tropicana 80200 Johor Bahru, Johor
Tel: +6013 202 0746 Tropicana Golf & Country Resort, PJU3 Tel: +607 2374 188
Email: tropicanacheras@tropicanacorp.com.my 47410 Petaling Jaya, Selangor Fax: +607 2374 088
Tel: +603 8605 3608 / +603 8605 3609 Email: boraresidences@gmail.com
Tropicana Heights Fax: +603 8605 3618 Office Hours: 9am - 5:30pm
Off Jalan P6/2, Bandar Teknologi Kajang Email: trop.avenue@tropicanacorp.com.my (Monday - Friday)
43500 Semenyih, Kajang, Selangor Office Hours: 9am - 5:30pm 9am - 1pm (Saturday)
Tel: +603 8725 9800 (Monday - Friday)
Email: fairfield@tropicanacorp.com.my 9am - 1pm (Saturday) Tropicana Landmark
parkfield@tropicanacorp.com.my Level 5, Tropicana Landmark
Office Hours: 9am - 5:30pm Tropicana Aman (Arahsia) Lorong Kondo Bundusan
(Monday - Friday) Arahsia Tropicana Aman Off Jalan Bundusan
9am - 1pm (Saturday) Jalan Aman Arahsia 2 88300 Kota Kinabalu, Sabah
Bandar Tropicana Aman Tel: +6088 742 052
Tropicana Heights (Ridgefield) 42500 Telok Panglima Garang, Selangor Email: tropicanalandmark@gmail.com
Jalan Tropicana Heights 2/1 Tel: : +603 8687 5512 Office Hours: 8:30am - 5:00pm
42000 Kajang, Selangor Email: arahsia@tropicanacorp.com.my (Monday - Friday)
Tel: +6013 202 0746 Office Hours: 9am - 5:30pm 8:30am - 12:30pm
Email: ridgefield@tropicanacorp.com.my (Monday - Friday) (Saturday)
Office Hours: 9am - 5:30pm 9am - 1pm (Saturday)
(Monday - Friday) SCHOOL
9am - 1pm (Saturday) Tropicana Aman (Bayan)
Bayan Tropicana Aman, Tropicana SJII Education Management
The Residences Jalan Aman Bayan 1, Sdn. Bhd.
Basement 1, Menara TR Bandar Tropicana Aman, St. Joseph’s Institution International School
No. 121, Jalan Ampang 42500 Teluk Panglima Garang, Malaysia (Tropicana PJ Campus)
50450 Kuala Lumpur Selangor Darul Ehsan. No. 1, Jalan PJU 3/13
Tel: +603 2770 6338 Tel: +603 8687 5525 47410 Petaling Jaya, Selangor
Fax: +603 2270 6343 Fax: +603 8687 5530 Tel: +603 8605 3605
Email: theresidences@tropicanacorp.com.my Email: bayan@tropicanacorp.com.my Email: enquiries@sji-international.edu.my
Office Hours: 9am - 5:30pm Office Hours: 9am - 5.30pm Office Hours: 7:30am - 4:30pm
(Monday - Friday) (Monday - Friday) (Monday - Friday)
9am - 1pm (Saturday) 9am - 1pm (Saturday)
Tropicana Gardens (Arnica & Bayberry) Tropicana Metropark (Pandora)

Level 5, Residensi A Level P4, Menara A, Pandora Residensi
Tropicana Gardens Jalan MP1, Tropicana Metropark
No 2A, Persiaran Surian 47500 Subang Jaya, Selangor
Tropicana Indah Tel: +603 5036 2088
47810 Petaling Jaya Fax: +603 5036 2089
Selangor Email: pandora@tropicanacorp.com.my
Tel: +603 2714 6172 Office Hours: 9am - 5:30pm
Fax: +603 2714 6173 (Monday - Friday)
Office Hours: 9am - 5:30pm 9am - 1pm (Saturday)
(Monday - Friday)
9am - 1pm (Saturday) Tropicana Metropark (Paloma)
Tower B, Level 4, Paloma Residensi
Tropicana Gardens (Cyperus & Dianthus) Jalan MP1, Tropicana Metropark
Level 6, Residensi C 47500 Subang Jaya, Selangor
Tropicana Gardens Tel: +603 5022 9099
No 2A, Persiaran Surian Fax: +603 5022 9097
Tropicana Indah Email: paloma@tropicanacorp.com.my
47810 Petaling Jaya Office Hours: 9am - 5:30pm
Selangor (Monday - Friday)
Tel: +603 2714 6175 9am - 1pm (Saturday)
Office Hours: 9am - 5:30pm
(Monday - Friday)

NOTICE OF
ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN THAT the 40th Annual General Meeting of Tropicana Corporation Berhad (“Tropicana” or “the Company”) will be
held at Ballroom I, Tropicana Golf & Country Resort, Jalan Kelab Tropicana, 47410 Petaling Jaya, Selangor Darul Ehsan, Malaysia on Tuesday,
25 June 2019 at 10.30 a.m. for the following purposes:
AS ORDINARY BUSINESSES
1. To receive the Audited Financial Statements for the financial year ended 31 December 2018 together with Please see Note 8 below.
the Reports of the Directors and Auditors thereon.
2. To re-elect the following Directors who retire by rotation in accordance with Article 97 of the Company’s
Constitution and, being eligible, have offered themselves for re-election:-
ion Tan Yong Chien

2.1 D Ordinary Resolution 1
2.2 M ohd Najib Bin Abdul Aziz Ordinary Resolution 2

3. To re-elect the following Directors who retire in accordance with Article 103 of the Company’s Constitution
and, being eligible, have offered themselves for re-election:-
3.1 afez Mohd Hashim Bin Razman Md Hashim

H Ordinary Resolution 3
3.2 eow Wai Siaw
Y Ordinary Resolution 4
3.3 oh Chen Peng
L Ordinary Resolution 5
3.4 atuk Wira Lye Ek Seang
D Ordinary Resolution 6
3.5 an Sri Dato’ Tan Chee Sing
T Ordinary Resolution 7
3.6 lice Dora Boucher
A Ordinary Resolution 8

4. To approve the payment of Directors’ remuneration to Non-Executive Directors amounting to Ordinary Resolution 9
RM1,307,002.75 in respect of the financial year ended 31 December 2018.
5. To re-appoint Messrs Ernst & Young as Auditors of the Company until the conclusion of the next Annual Ordinary Resolution 10
General Meeting and to authorise the Directors to fix their remuneration.
AS SPECIAL BUSINESSES
To consider and if thought fit, to pass the following resolutions, with or without modifications:-
6. RE-DESIGNATION OF DATUK MICHAEL TANG VEE MUN AS AN INDEPENDENT NON-EXECUTIVE Ordinary Resolution 11
DIRECTOR
“THAT approval be and is hereby given to Datuk Michael Tang Vee Mun, who has served as an Independent
Non-Executive Director for a cumulative term of more than nine (9) years and has been re-designated as a
Non-Independent Non-Executive Director of the Company upon attainment of his nine (9) years, to be re-
designated as an Independent Non-Executive Director of the Company in accordance with the Malaysian
Code on Corporate Governance.”
7. PROPOSED AUTHORITY FOR DIRECTORS TO ISSUE SHARES PURSUANT TO SECTIONS 75 AND 76 OF Ordinary Resolution 12
THE COMPANIES ACT 2016
“THAT pursuant to Sections 75 and 76 of the Companies Act 2016 and subject always to the Company’s
Constitution, the Directors of the Company be and are hereby authorised to issue shares in the Company
from time to time to such person(s) and upon such terms and conditions and for such purposes as the
Directors may in their absolute discretion deem fit PROVIDED THAT the aggregate number of shares to
be issued pursuant to this resolution does not exceed ten per centum (10%) of the total number of issued
shares (excluding treasury shares) of the Company for the time being and that the Directors be and are
hereby also empowered to obtain the approval for the listing of and quotation for the additional shares so
issued, on Bursa Malaysia Securities Berhad and that such approval shall continue to be in force until:-

NOTICE OF ANNUAL GENERAL MEETING
(a) the conclusion of the Annual General Meeting held next after this approval was given; or
(b) the expiration of the period within which the next Annual General Meeting is required to be held after
this approval was given; or
(c) revoked or varied by an ordinary resolution of the shareholders of the Company in a general meeting,
whichever is the earlier.”
8. PROPOSED RENEWAL OF AUTHORITY FOR THE COMPANY TO PURCHASE ITS OWN SHARES Ordinary Resolution 13
“THAT subject to Section 127 of the Companies Act 2016 (“the Act”), the Company’s Constitution, the
Listing Requirements of Bursa Malaysia Securities Berhad and any other relevant authorities, the Directors
of the Company be and are hereby authorised to purchase its own shares through Bursa Malaysia Securities
Berhad as may be determined by the Directors of the Company from time to time PROVIDED THAT:-
(a) the aggregate number of shares, which may be purchased pursuant to this resolution, does not exceed
ten per centum (10%) of the total number of issued shares of the Company at the time of purchase and
FURTHER PROVIDED THAT the Company continues to maintain a public shareholding spread that is
in compliance with the Listing Requirements of Bursa Malaysia Securities Berhad after the shares are
purchased;
(b) the maximum funds to be allocated by the Company for the purpose of purchasing its own shares shall
not exceed the total retained profits of the Company at the time of purchase;
(c) upon the completion of the purchase of the shares of the Company, the Directors of the Company be
authorised to deal with those shares in the following manners:-

(i) cancel the shares so purchased; or
(ii) retain the shares so purchased as treasury shares; or
(iii) retain part of the shares so purchased as treasury shares and cancel the remainder; or
(iv) distribute the treasury shares as dividends to the shareholders and/or resell on Bursa Malaysia
Securities Berhad and/or transfer the shares or any of the shares as purchase consideration and/or
cancel all or part of them; or
(v) in any other manner as prescribed by the Act, rules, regulations and orders made pursuant to
the Act and the Listing Requirements of Bursa Malaysia Securities Berhad and any other relevant
authority for the time being in force;
AND THAT the authority conferred by this resolution will commence immediately upon passing of this
ordinary resolution and will continue to be in force until:-
(i) the conclusion of the next Annual General Meeting of the Company, at which time the said authority
will lapse unless by an ordinary resolution passed at the general meeting of the Company, the
authority is renewed, either unconditionally or subject to conditions; or
(ii) the expiration of the period within which the next Annual General Meeting of the Company is
required by law to be held; or
(iii) revoked or varied by an ordinary resolution passed by the shareholders of the Company in a general
meeting;
whichever is the earlier,

AND THAT the Directors of the Company be authorised to take all such steps as are necessary or expedient
to implement or to give effect to the purchases of the shares of the Company with full power to assent to
any conditions, modifications, variations and/or amendments (if any) as may be imposed or permitted by
the relevant authorities and/or deem fit by the Directors in the best interests of the Company.”

9. PROPOSED RENEWAL OF AUTHORITY TO ALLOT AND ISSUE ORDINARY SHARES IN TROPICANA Ordinary Resolution 14
(“TROPICANA SHARES”) FOR THE PURPOSE OF TROPICANA’S DIVIDEND REINVESTMENT SCHEME
THAT PROVIDES SHAREHOLDERS OF TROPICANA THE OPTION TO ELECT TO REINVEST THEIR CASH
DIVIDEND ENTITLEMENTS IN NEW ORDINARY SHARES IN TROPICANA
“THAT pursuant to the Dividend Reinvestment Scheme (“DRS”) as approved by the shareholders of the
Company at the 34th Annual General Meeting of the Company held on 28 June 2013 and renewed in
subsequent annual general meetings, approval be and is hereby given to the Company to allot and issue
such number of new Tropicana Shares for the DRS from time to time as may be required to be allotted and
issued pursuant to the DRS until the conclusion of the next Annual General Meeting upon such terms and
conditions and to such persons as the Directors, may in their absolute discretion, deem fit and in the best
interests of the Company PROVIDED THAT the issue price of the said new Tropicana Shares shall be fixed
by the Directors at a discount of not more than ten per centum (10%) to the five (5)-day volume weighted
average market price (“VWAMP”) of Tropicana Shares immediately prior to the price-fixing date, of which
the VWAMP shall be adjusted ex-dividend before applying the aforementioned discount in fixing the issue
price,
AND THAT the Directors of the Company be and are hereby authorised to do all such acts and enter
into all such transactions, arrangements, deeds, undertakings and documents as may be necessary or
expedient in order to give full effect to the DRS with full power to assent to any conditions, modifications,
variations and/or amendments to the terms of the DRS as may be imposed or agreed to by any relevant
authorities or consequent upon the implementation of the said conditions, modifications, variations
and/or amendments by the Directors as they may in their absolute discretion deem fit, necessary and/or
expedient in the best interests of the Company.”
10. PROPOSED ADOPTION OF NEW CONSTITUTION OF THE COMPANY Special Resolution
“THAT approval be and is hereby given for the Company to adopt the new Constitution in the form and
manner as set out in Appendix I of Part B of the circular to shareholders dated 30 April 2019, in place of the
existing Constitution of the Company,
AND THAT the Directors and/or the Secretaries of the Company, be authorised to assent to any
modifications, variations and/or amendments as may be required by the relevant authorities and to do all
acts and things and take all such steps as may be considered necessary to give full effect to the foregoing.”
11. To transact any other business for which notice shall have been given in accordance with the Companies
Act 2016 and the Company’s Constitution.
By order of the Board

TROPICANA CORPORATION BERHAD (47908-K)
CHUA SIEW CHUAN (MAICSA 0777689)

CHIN MUN YEE (MAICSA 7019243)
CHIN SOO CHING @ CHEN SOO CHING (MAICSA 7042265)
CHONG MEI YAN (MAICSA 7047707)
Company Secretaries
Petaling Jaya
30 April 2019

Notes:
Members who may be present and voting at the meeting
1. For the purpose of determining members who shall be entitled to attend this 40th Annual General Meeting, the Company shall be requesting Bursa Malaysia
Depository Sdn. Bhd. to issue a Record of Depositors as at 18 June 2019 in accordance with Article 62(3) of the Company’s Constitution and Section 34(1)
of the Securities Industry (Central Depositories) Act 1991. Only depositors whose names appear in such Record of Depositors shall be entitled to attend and
vote at the meeting.
Appointment of proxy or proxies
2. A member of the Company shall be entitled to appoint a proxy or proxies (subject always to a maximum of two (2) proxies) to attend, participate, speak
and vote in his/her stead at the 40th Annual General Meeting. A proxy may but need not be a member of the Company. There is no restriction as to the
qualification of proxy.
3. Where a member is an authorised nominee as defined under the Securities Industry (Central Depositories) Act 1991, it may appoint at least one (1) proxy but
not more than two (2) proxies in respect of each securities account it holds with ordinary shares of the Company standing to the credit of the said securities
account.
4. Where a member of the Company is an exempt authorised nominee (as defined under the Securities Industry (Central Depositories) Act 1991) which holds
ordinary shares in the Company for multiple beneficial owners in one securities account (“Omnibus Account”), there is no limit to the number of proxies
which the exempt authorised nominee may appoint in respect of each Omnibus Account it holds.
5. Where more than (1) proxy is appointed to attend and vote at the meeting, the proportion of shareholdings to be represented by each proxy must be
specified in the instrument appointing the proxies, failing which, the appointment shall be invalid.
6. The instrument appointing a proxy must be in writing under the hands of the appointer or of his/her attorney duly authorised in writing or, if the appointer
is a corporation either under its common seal or under the hand of its officer or its duly authorised attorney.
7. To be valid, the instrument appointing a proxy and the power of attorney or other authority, if any, under which it is signed or a notarially certified copy
of that power or authority must be completed and deposited at the office of the Share Registrar of the Company, Boardroom Share Registrars Sdn. Bhd.
(formerly known as Symphony Share Registrars Sdn. Bhd.) at Level 6, Symphony House, Pusat Dagangan Dana 1, Jalan PJU 1A/46, 47301 Petaling Jaya,
Selangor Darul Ehsan, Malaysia not less than forty-eight (48) hours before the time set for holding the meeting or at any adjournment thereof.
Agenda 1 – Laying of Audited Financial Statements and Reports of the Directors and Auditors
8. In accordance with Section 340(1)(a) of the Companies Act 2016 (“the Act”), the Company is required to lay the Audited Financial Statements and the
Reports of the Directors and Auditors thereon at its Annual General Meeting. Hence, the agenda item no. 1 above is not a business which requires a
resolution to be put to vote by the shareholders. This agenda item is for discussion and receipt only.
Agenda 4 – Approval for remuneration of Directors
9. Section 230(1) of the Act requires the fees of the directors and any benefits payable to the directors of a listed company and its subsidiaries shall
be approved at a general meeting. Pursuant thereto, shareholders’ approval will be sought at this AGM for the payment of remuneration payable to
Non-Executive Directors of the Company for the financial year ended 31 December 2018. The remuneration comprises Directors’ fees, meeting attendance
allowances and other emoluments.
EXPLANATORY NOTES ON SPECIAL BUSINESSES
Proposed Ordinary Resolution 11

Re-designation of Datuk Michael Tang Vee Mun as an Independent Non-Executive Director
10. The proposed Ordinary Resolution 11, if passed, will authorise the re-designation of Datuk Michael Tang Vee Mun as an Independent Non-Executive
Director of the Company.
Datuk Michael Tang Vee Mun, had completed his nine (9)-year tenure as an Independent Non-Executive Director on 12 November 2018, and was
re-designated as a Non-Independent Non-Executive Director of the Company on 13 November 2018. The Nomination Committee of the Company
has assessed the independence of Datuk Michael Tang Vee Mun and recommended to re-designate him as an Independent Non-Executive Director of
the Company. The Board endorsed the Nomination Committee’s recommendation and is of the view that he shall continue to serve as an Independent
Non-Executive Director based on the following reasons:-
(i) He fulfils the criteria stated under the definition of “Independent Director” as defined in the Main Market Listing Requirements of Bursa Malaysia
Securities Berhad;
(ii) He always demonstrates the values and principles associated with independence in the Board room, promotes good corporate governance practices
and facilitate the Board to perform its responsibilities effectively through his independent and objective directorship; and
(iii) He discharges his duties and role as an Independent Non-Executive Director effectively due to his insight and good understanding of the Group’s
various core business operations over time.


Proposed authority for Directors to issue shares pursuant to Sections 75 and 76 of the Act
11. The general mandate sought by the Company under the proposed Ordinary Resolution 12 is to renew the previous general mandate granted to the
Directors at the 39th Annual General Meeting held on 30 May 2018 to issue shares pursuant to Sections 75 and 76 of the Act. As at the date of this notice, no
new shares in the Company were issued under the previous general mandate, which will lapse at the conclusion of the 40th Annual General Meeting and
hence, no proceeds raised therefrom.
The proposed Ordinary Resolution 12, if passed, will empower the Directors of the Company to issue and allot not more than ten per centum (10%) of
the Company’s total number of issued shares (excluding treasury shares) for the time being speedily without having to convene a general meeting. This
authority, unless revoked or varied by the Company in a general meeting, will expire at the conclusion of the 41st Annual General Meeting of the Company.
Instances for which the Company may issue new shares under this general mandate include but not limited to the purpose(s) of complying with public
shareholding spread requirements and raising funds through private placement for purposes of working capital requirement and/or allowing the entry of
strategic partners.

Proposed renewal of authority for the Company to purchase its own shares
12. The proposed Ordinary Resolution 13, if passed, will renew the shareholders’ mandate for the Company to purchase and/or hold up to ten per centum
(10%) of the total number of issued shares of the Company. This authority, unless revoked or varied by the Company at a general meeting, will expire at the
conclusion of the 41 st Annual General Meeting.
Further information on this proposal is set out in the Share Buy-Back Statement dated 30 April 2019, which is despatched together with the Company’s
Annual Report 2018.

Proposed renewal of authority to allot and issue ordinary shares in Tropicana for the purpose of Tropicana’s Dividend Reinvestment Scheme (“DRS”) that
provides shareholders of Tropicana the option to elect to reinvest their cash dividend entitlements in new ordinary shares in Tropicana
13. The proposed Ordinary Resolution 14, if passed, will empower the Directors of the Company to allot and issue new ordinary shares in the Company in
respect of dividends to be declared, if any, under the DRS. This authority, unless revoked or varied by the Company at a general meeting, will expire at the
conclusion of the 41 st Annual General Meeting.
Proposed Special Resolution

Proposed adoption of new Constitution of the Company
14. The proposed Special Resolution, if passed, will render the Constitution of the Company to be in line with the amendments that arise from the Act, which
came into force on 31 January 2017, the revised Main Market Listing Requirements of Bursa Malaysia Securities Berhad and will enhance administrative
efficiency. In view of the substantial amount of amendments to be made, the Board proposed that the existing Constitution be altered or amended by the
Company in its entirety by the replacement thereof with a new Constitution which incorporated all the proposed amendments.
Details of which as set out in Appendix I of Part B of the circular to shareholders dated 30 April 2019, which is despatched together with the Company’s
Annual Report 2018.
STATEMENT ACCOMPANYING THE NOTICE OF ANNUAL GENERAL MEETING
Pursuant to paragraph 8.27(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the notice convening an annual general meeting
is to be accompanied by a statement furnishing details of individuals who are standing for election as Directors. This requirement excludes Directors who are
standing for re-election.
No individual is standing for election as Director at the 40th Annual General Meeting of the Company.

PROXY FORM
(47908-K)
I/We:
Full name (in block capitals): CDS account no.: No. of shares held:
Address: NRIC/Passport/Company no.: Contact no.:
being a member of TROPICANA CORPORATION BERHAD, do hereby appoint:
Full name (in block capitals): NRIC/Passport no.: Proportion of shareholdings
No. of shares %
Address:
AND/OR (please delete as appropriate)
Full name (in block capitals): NRIC/Passport no.: Proportion of shareholdings
No. of shares %
Address:
and/or failing him/her, the Chairman of the meeting as my/our proxy to vote for me/us on my/our behalf at the 40th Annual General Meeting of the Company to be held at Ballroom I,
Tropicana Golf & Country Resort, Jalan Kelab Tropicana, 47410 Petaling Jaya, Selangor Darul Ehsan on Tuesday, 25 June 2019 at 10.30 a.m. or any adjournment thereof.
NO. RESOLUTIONS FOR AGAINST

- To receive the Audited Financial Statements for the financial year ended 31 December 2018 together - Not applicable
with the Reports of the Directors and Auditors thereon.
1. To re-elect Dion Tan Yong Chien as Director. Ordinary
Resolution 1
2. To re-elect Mohd Najib Bin Abdul Aziz as Director. Ordinary
Resolution 2
3. To re-elect Hafez Mohd Hashim Bin Razman Md Hashim as Director. Ordinary
Resolution 3
4. To re-elect Yeow Wai Siaw as Director. Ordinary
Resolution 4
5. To re-elect Loh Chen Peng as Director. Ordinary
Resolution 5
6. To re-elect Datuk Wira Lye Ek Seang as Director. Ordinary
Resolution 6
7. To re-elect Tan Sri Dato’ Tan Chee Sing as Director. Ordinary
Resolution 7
8. To re-elect Alice Dora Boucher as Director. Ordinary
Resolution 8
9. To approve the payment of Directors’ remuneration to Non-Executive Directors amounting to Ordinary
RM1,307,002.75 for the financial year ended 31 December 2018. Resolution 9
10. To re-appoint Messrs Ernst & Young as Auditors and to authorise the Directors to fix their remuneration. Ordinary
Resolution 10
11. To re-designate Datuk Michael Tang Vee Mun as an Independent Non-Executive Director. Ordinary
Resolution 11
12. To authorise the Directors to issue shares of up to 10% of the total number of issued shares for the Ordinary
time being pursuant to Sections 75 and 76 of the Companies Act 2016. Resolution 12
13. To renew the authority for the Company to purchase its own shares. Ordinary
Resolution 13
14. To renew the authority to issue shares for the purpose of the Dividend Reinvestment Scheme. Ordinary
Resolution 14
15. To adopt a new Constitution of the Company. Special
Resolution
Please indicate with an “X” in the appropriate column to show how you wish your votes to be cast. In the absence of specific directions, your proxy will vote or abstain from voting at
his/her discretion.
__________________________________
Signature/Seal of Shareholder(s) Signed this __________day of____________________, 2019
Notes:
(i) Section 340(1) of the Companies Act 2016 (“Act”) requires the Company to lay the audited financial statements and the reports of the directors and auditors thereon at its annual
general meeting and approval of shareholders is not required pursuant to the provision of Section 251(1) of the Act. Hence, this agenda item no. 1 of the notice convening the
meeting is not a business which requires a resolution to be put to vote by the shareholders. This agenda item is for discussion and receipt only.
(ii) For the purpose of determining a member who shall be entitled to attend this 40th Annual General Meeting, the Company shall be requesting Bursa Malaysia Depository Sdn. Bhd.
in accordance with Article 62(3) of the Company’s Constitution and Section 34(1) of the Securities Industry (Central Depositories) Act 1991, to issue a General Meeting Record of
Depositors as at 18 June 2019. Only a depositor whose name appears on such Record of Depositors shall be entitled to attend the meeting or appoint proxies to attend and/or vote
on his/her behalf in the meeting.
(iii) A member entitled to attend and vote at the meeting is entitled to appoint a proxy or proxies (subject always to a maximum of two (2) proxies) to attend, participate, speak and vote
in his/her stead. A proxy may but need not be a member of the Company. There is no restriction as to the qualification of the proxy.
(iv) Where a member is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991, it may appoint at least one (1) proxy but not more than two (2)
proxies in respect of each securities account it holds with ordinary shares of the Company standing to the credit of the said securities account.
(v) Where a member of the Company is an exempt authorised nominee (as defined under the Securities Industry (Central Depositories) Act 1991) which holds ordinary shares in the
Company for multiple beneficial owners in one securities account (“Omnibus Account”), there is no limit to the number of proxies which the exempt authorised nominee may
appoint in respect of each Omnibus Account it holds. Where an exempt authorised nominee appoints more than (1) proxy to attend and vote at the 40th Annual General Meeting,
the proportion of shareholdings to be represented by each proxy must be specified in the instrument appointing of the proxies, failing which, the appointment shall be invalid.
(vi) To be valid, the instrument appointing a proxy or proxies, must be in writing under the hand of the appointer or his/her attorney duly authorised in writing, must be completed
and deposited at the office of the Share Registrar of the Company, Boardroom Share Registrars Sdn. Bhd. (formerly known as Symphony Share Registrars Sdn. Bhd.) at Level 6,
Symphony House, Pusat Dagangan Dana 1, Jalan PJU 1A/46, 47301 Petaling Jaya, Selangor Darul Ehsan, Malaysia not less than forty-eight (48) hours before the time set for holding
the meeting or at any adjournment thereof.
(vii) If the appointer is a corporation, the instrument appointing a proxy or proxies must be executed under its common seal or under the hand of its duly authorised attorney.
Please fold here
AFFIX
STAMP
The Share Registrar of

Boardroom Share Registrars Sdn Bhd

(formerly known as Symphony Share Registrars Sdn Bhd)
Level 6, Symphony House
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya
Please fold here

www.tropicanacorp.com.my
TROPICANA CORPORATION BERHAD (47908-K)

Level 2, 7, 9, 10, 11 & 12, Tropicana City Office Tower
No. 3, Jalan SS 20/27, 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia
Tel : +603 7710 1018 Fax : +603 7725 3035

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the Art of Living

annual report 2018

Total Revenue Total Development Current Landbank of

Tropicana Aman’s 12,000 sq ft Property Gallery at Kota Kemuning

87 Additional Compliance Information 113 Statement of Changes in Equity - Company

88 Statement on Risk Management and 114 Statements of Cash Flows - Group

Management 30 Performance at a Glance

Statement 71 • Environmental Conscientiouness

Ballroom 1, Tropicana Golf & Country Resort,

For more information, kindly

Since its rebranding exercise in 2013,

Guided by its unique Tropicana DNA

The iconic Tropicana Golf & Country Resort

4 TROPICANA CORPORATION BERHAD

OUR PEOPLE ARE

ANNUAL REPORT 2018 5

1979 2012 2013

Unveiled its first commercial

Won multiple awards and accolades

6 TROPICANA CORPORATION BERHAD

2016 2016 2018

Possessed a land bank size of more

Achieved total sales of RM1.55

Entered into an agreement with

2014 Introduced the Tropicana Urban Won a string of property awards

Tropicana’s Founder and Advisor, Tan

ANNUAL REPORT 2018 7

AUDIT COMMITTEE AUDITORS

REGISTERED OFFICE EMAIL

8 TROPICANA CORPORATION BERHAD

Tropicana Credit & Leasing Sdn Bhd 100%

Note: “fka” – formerly known as

ANNUAL REPORT 2018 9

Dalia Residences, Tropicana Aman, Kota Kemuning

10 TROPICANA CORPORATION BERHAD

OUR SIGNATURE DEVELOPMENTS

• Pool Villas semi-detached houses • Tenby International School at

ANNUAL REPORT 2018 11

12 TROPICANA CORPORATION BERHAD

AWARDS & ACCOLADES

PROPERTY INSIGHT PRESTIGIOUS DEVELOPER PROPERTY INSIGHT PRESTIGIOUS DEVELOPER

ANNUAL REPORT 2018 13

The Star Property Awards 2018

Tropicana’s ability to deliver sustainable, innovative,

Organised by The Star Media Group Berhad, the

Asia Pacific Property Awards 2018

As recognition of Tropicana’s ability to deliver world-

The Asia Pacific Property Awards is held annually to

14 TROPICANA CORPORATION BERHAD

The Edge Malaysia Property

Tropicana once again won its place as one the Top

Held at the Hilton Kuala Lumpur on

iProperty Development Excellence

As a result of its long-standing commitment to

Tropicana also won Best Residential Landed

Held on 15 November 2018 and organised by

BCI Asia Awards 2018

Tropicana once again took top honours at the

ANNUAL REPORT 2018 15

12 May – 6 July 2018

Tropicana Drive Me Home Campaign 2018

Lion Dance Performance at Golf Wing

16 TROPICANA CORPORATION BERHAD