Crescendo inks disposal of Johor lands for RM111mil

KUALA LUMPUR: Crescendo Corp Bhd's (CCB) wholly-owned subsidiary Panoramic Industrial Development Sdn Bhd (PID) is disposing of nine parcels of freehold vacant land measuring about 82,496.4sqm in Johor to Yu Ao Sdn Bhd for RM111mil cash.

In a filing with Bursa Malaysia, the group said the sales consideration rate of RM125psf will be increased to RM127psf in the event a Tenaga Nasional Bhd power main switching station waiver is obtained on the lands.

CCB is expected to record a consolidated gain after taxation of about RM68.33mil from the sale.

The group said the proceeds are to be utilised for the development of the balance landbank owned by the group, working capital and the settlement of existing liabilities.