Paragon Globe proposes to sell Johor land for RM238.32mil

KUALA LUMPUR: Paragon Globe Bhd’s (PGB) wholly owned subsidiary Paragon Business Hub Sdn Bhd has entered into a sale and purchase agreement with Bridge Data Centres Malaysia IV Sdn Bhd for a proposed disposal of land for RM238.32 million.

In a filing with Bursa today, it said the proposed disposal comprised 19.36 hectares of freehold land in Johor, which is expected to allow PGB to unlock and realise the value of the land in the near term.

It is expected to record an estimated gross pro forma gain and net pro forma gain from the proposed disposal of RM90.10 million and RM68.47 million respectively.

PGB proposes to utilise some of the proceeds for the repayment of bank borrowings, funding of acquisition of land and working capital.

The proposed disposal is expected to be completed by the third quarter of 2025. - Bernama