PETALING JAYA: Paragon Globe Bhd
(PGB) and Solarvest Holdings Bhd have mutually agreed to terminate their memorandum of understanding (MoU) to explore a renewable energy-focused industrial development.
In a statement, PGB said the decision follows PGB's strategic restructuring of the Desa Cemerlang project, specifically the disposal of 47.86 acres and 19.76 acres of freehold land within DESA 100 in Johor by PGB to Bridge Data Centres Malaysia IV Sdn Bhd and Bridge Data Centres Malaysia VI Sdn Bhd, respectively, for a total of 67.62 acres.
PGB said the MoU (which was signed in February 2024) was primarily focused on the development of a green industrial township within DESA 100, which is no longer relevant following the land sale.
Meanwhile, in a filing with Bursa Malaysia, Solarvest said upon the termination of the MoU, neither party shall have any claim against the other, save and except for any antecedent claim.
“The termination of MOU will not have any material financial impact on Solarvest and its subsidiaries,” it said.
