Paragon Globe unit to purchase 31.1 acres in Pulai for RM60.96mil

KUALA LUMPUR: Paragon Globe Bhd's wholly owned unit Paragon Globe Properties Sdn Bhd has entered into a conditional sale and purchase agreement with Iskandar Capital for the purchase of about 31.1 acres of freehold land in Pulai, Johor Bahru, for RM60.96mil cash.

In a statement to Bursa Malaysia, Paragon Globe said the proposed acquisition is in line with its strategic plan to diversify into property development businesses.

"The Board is of the view that the Property would provide PGB the opportunity to create greater economic value and increase the earnings potential of the Company over the medium to long term as the Property has promising development potential," it said.
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