Paragon Globe shareholders greenlight deals on land, development rights with Tropicana unit

• “These approvals enable us to execute our strategic vision and capitalise on opportunities in the dynamic property market,” said Paragon Globe executive chairman Datuk Seri Edwin Tan Pei Seng.

KUALA LUMPUR (Dec 27): Paragon Globe Bhd’s (KL:PGLOBE) shareholders have approved the Johor-based property developer’s various land deals as well as its joint development with a unit of Tropicana Corp Bhd (KL:TROP).

In its extraordinary general meeting on Friday, the company’s shareholders approved its disposal of a 47.86-acre land in Johor for RM238.32 million and another 19.76-acre parcel for RM98.98 million to Bridge Data Centres Malaysia VI Sdn Bhd.

Shareholders also supported the group’s land acquisition of 14.85 acres of land in Plentong, Johor for RM28.56 million, and another two parcels measuring an aggregate 19.33 acres for RM34.96 million, according to its bourse filing.

Meanwhile, shareholders also approved Paragon Globe’s agreement with Tropicana’s 60%-owned unit Tropicana Danga Bay Sdn Bhd for the development rights on two prime land parcels measuring 7.13 acres in Johor Bahru’s Danga Bay waterfront development for RM102.46 million. 

All five proposals saw 99.99% of present voting shares approving the resolutions.

Paragon Globe said this strong support from shareholders paves the way for the company to implement key corporate exercises to drive growth strategy and enhance shareholder value.

“These approvals enable us to execute our strategic vision and capitalise on opportunities in the dynamic property market,” said Paragon Globe executive chairman Datuk Seri Edwin Tan Pei Seng, who is also the largest shareholder with a 51.8% stake held via Paragon Adventure Sdn Bhd.

Paragon Globe said that with shareholders’ approval, the company is well-positioned to execute its growth strategy and solidify its position as a leading property developer in Malaysia.

“The group remains focused on delivering innovative and sustainable developments that meet the evolving needs of the market,” it added.

Shares in Paragon closed unchanged at 37.5 sen on Friday, valuing the company at RM276.3 million. The counter is up 66% this year.

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