PETALING JAYA: Crescendo Corp Bhd
(CCB) is disposing of freehold, agriculture land measuring approximately 22.548 acres in Johor Baru to Microsoft Payments (Malaysia) Sdn Bhd for RM119.83mil.
In a filing with Bursa Malaysia, CCB said the disposal will allow the group to unlock the value of the land at a reasonable price, after taking into consideration the marketability and prospects of the land and the challenges in negotiating terms and securing a buyer with strong credentials and financial capability to complete the sale of such sizeable land expeditiously.
Additionally, the company said the disposal will allow the company to generate cash flows for development projects.
CCB said the disposal consideration is intended to be utilised for development of the balance landbank owned by the company to provide working capital for the group.
“Barring any unforeseen circumstances, the disposal is expected to be completed by the second quarter of 2027,” said CCB.
