KUALA LUMPUR (May 6): Education firm Lasallian Asia Partnership for International Schools Pte Ltd (LAPIS) has decided not to take an equity stake in Tropicana Corp Bhd's project to build an international school in Sg Buloh.
 
However, the Singapore-based education company will rent the premise, operate and manage the operation of the international school, which will be built by Tropicana Education Management Sdn Bhd (TEM), in which Tropicana Corp holds an 85% stake.  
 
Tropicana Corp (fundamental: 1.3: valuation: 1.5) announced to Bursa Malaysia today that the shareholders agreement inked between the four parties in February last year for the equity participation in TEM has been mutually terminated.
 
In the announcement, Tropicana Corp said it received a letter by LAPIS on Jan 29 requesting not to subscribe for shares in or participate in TEM in accordance with the TEM shareholders agreement.
 
TEM is to construct the international school in Sg Buloh.
 
Subsequently, Tropicana Corp, together with TEM, LAPIS and Warisan Istimewa Sdn Bhd have mutually agreed to terminate the TEM shareholder agreement.
 
LAPIS will not hold any shares in TEM. The announcement said pursuant to the termination, without the participation of LAPIS, the shareholders of TEM will remain as Tropicana and Warisan Istimewa with shareholdings of 85% and 15%, respectively.