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- The company said the sale will not affect its ongoing project on the remaining land, which includes the development of eight factory buildings and a worker dormitory.
PETALING JAYA (April 17): Paragon Globe Bhd’s wholly-owned subsidiary, PGB Landmark Sdn Bhd, is proposing to sell 3.531 acres of freehold land in Tanjung Kupang, Johor Bahru, to Buildcon Concrete Sdn Bhd for RM19.23 million for industrial development.
According to its exchange filing, PGB Landmark originally purchased the larger parcel of land, known as the Master Land, in November 2023 for RM21.53 million.
The portion now being sold cost the company RM6.82 million. After deducting related expenses and taxes, Paragon Globe expects to record a net pro forma gain of approximately RM7.89 million from the disposal.
The company said the sale will not affect its ongoing project on the remaining land, which includes the development of eight factory buildings and a worker dormitory.
Proceeds from the sale will be used to repay bank borrowings, support working capital and cover related transaction expenses. The proposed disposal is expected to be completed within nine months from the date of the sale and purchase agreement.
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