PETALING JAYA: Paragon Globe Bhd
's (PGB) RM398.1mil disposal of two parcels of freehold land in Johor will proceed with DayOne Data Centers Malaysia I Sdn Bhd replacing DayOne Data Centers Malaysia III Sdn Bhd as the purchaser.
The substitution follows an internal restructuring within the purchaser's group, with the parties entering into an amendment and restatement agreement (ARA) yesterday.
“The primary purpose of the ARA is to effect the substitution of purchaser and does not involve any other amendments to, or variations of, the existing terms and conditions of the sales and purchase agreement (SPA),” PGB said in a filing with Bursa Malaysia.
“Save for the amendments necessary to give effect to the substitution of purchaser, all other terms and conditions if the SPA shall remain valid, binding and in full force and effect,” it added.
It said RM228.9mil had already been paid to Paragon's unit PGB Landmark Sdn Bhd under the SPA.
“The ARA relates only to the substitution of purchaser and does not involve any revision to the disposal consideration,” it said.
