Crescendo disposes of land for RM116mil

PETALING JAYA: Crescendo Corp Bhd (CCB) is disposing of a 20.463 acre plot of vacant industrial land in Johor Baru to Digital Halo Pte Ltd for RM115.88mil.In a filing with Bursa Malaysia, CCB said the proceeds from the land disposal will be for working capital purposes and to fund ongoing projects.

CCB said the vacant land is currently not being used and is not generating any cash flow for the group.

“Moving forward, the group intends to focus its resources on six ongoing development projects and should opportunities arise, take advantage of land banking opportunities and joint ventures in other strategic locations.

“The group will have the flexibility and liquidity to pursue investment opportunities or projects requiring large capital expenditure, whilst strengthening the group’s working capital position.”