Crescendo sells Johor land for RM111mil

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

In a filing with Bursa Malaysia, the group said the sales consideration rate of RM125 per sq ft will be increased to RM127 per sq ft in the event a Tenaga Nasional Bhd power main switching station waiver is obtained on the land.

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

It said the proceeds are to be utilised for the development of the balance land bank owned by the group, as working capital and for the settlement of liabilities.