PETALING JAYA: Paragon Globe Bhd
is disposing of a parcel of freehold land measuring 5.4451 ha in Johor Baru to GSP Automotive Malaysia Sdn Bhd for RM64.47mil.
In a filing with Bursa Malaysia, the company said the proposed disposal formed part of the group’s ongoing efforts to optimise its asset portfolio and capital structure.
The group said the proposed disposal is expected to generate gross proceeds of approximately RM64.47mil.
Paragon Globe said the bulk of the proceeds from the disposal would be used to repay bank borrowings and working capital.
It said the proposed disposal provided an opportunity for the group to unlock and realise the value of the land in the near term (by the fourth quarter of 2026, being the expected timeframe for completion of the disposal).
