share_log
  • Headlines
  • PGB Shareholders Approve Divestment Plans And Land Acquisition

PGB Shareholders Approve Divestment Plans And Land Acquisition

Business Today ·  Dec 27, 2024 15:54
big

Paragon Globe Berhad announced that its shareholders have approved all resolutions tabled at the Extraordinary General Meeting approving all five resolutions including on the acquisition of land in Johor.

Shareholders have approved the proposed acquisition of several strategically located parcels of land, including: 14.85 acres of freehold industrial land in Mukim of Plentong, Johor, for a purchase consideration of RM28.56 million and a 19.33 acres of freehold agriculture land ifor a purchase consideration of RM34.96 million.

big

At the same time the EGM also saw the approval for the disposal of 47.86 acres of freehold industrial land in Desa Cemerlang, Johor, to Bridge Data Centres Malaysia IV Sdn Bhd for a total cash consideration of RM238.32 million and a 19.759 acres of freehold industrial land in Desa Cemerlang, Johor, to Bridge Data Centres Malaysia VI Sdn Bhd for a total cash consideration of RM98.98 million.

This board feels the strategic divestment unlocks significant value from PGB's land bank, allowing for the development of a data center that will contribute to Johor's digital infrastructure.

Shareholders had also endorsed PGB's plans to diversify its income streams and pursue strategic partnerships, including proposed joint venture with Tropicana Danga Bay Sdn Bhd to develop landmark project in Danga Bay, respectively. The development rights agreement with Tropicana Danga Bay Sdn Bhd involves a consideration of RM102.46 million.

Share this:

  • Facebook
  • X
Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment
    Heat List
    US
    SymbolLatest Price% Chg

    No Data

    Hot News
    Updated