Crescendo in RM132mil land disposal

PETALING JAYA: Crescendo Corp Bhd’s wholly-owned subsidiary, Panoramic Industrial Development Sdn Bhd, has agreed to sell 102,558 sq m of freehold industrial land in Pulai, Johor Baru to Microsoft Payments (M) Sdn Bhd for RM132.47mil or RM120 per sq ft.

In a filing with Bursa Malaysia, Crescendo noted the land was purchased for RM11mil on Dec 14, 2009.

Crescendo added the sale will result in a net pro forma gain of RM80.8mil.

The company expects to raise net cash proceeds of RM127.7mil from the deal and use some RM50mil to repay loans and borrowings.