KUALA LUMPUR: Crescendo Corp Bhd
(CCB) has announced that its wholly-owned subsidiary Panoramic Industrial Development Sdn Bhd (PID) has entered into two conditional sales and purchase agreements to dispose of seven parcels of land to STT GDC Malaysia 2 Sdn Bhd for a combined value of RM117.02mil.
The seven parcels of land, measuring a combined 90,596.5 sqm, form part of the master development known as Nusa Cemerlang Industrial Park (NCIP) in Johor, a light and medium industrial park currently being developed by PID, said CCB in a filing with Bursa Malaysia.
CCB said it is expected to record a consolidated gain after taxation of about RM70.01mil from the deals.
It said the proceeds of the sales are expected to be utilised within three months from the completion of the disposal towards the development of balance landbank owned by the group, for working capital and settlement of existing liabilities.
