Crescendo disposes of Johor land for RM116mil


PETALING JAYA: Crescendo Corp Bhd (CCB) is disposing of a 20.463 acre plot of vacant industrial land in Johor Baru, Johor to Digital Halo Pte Ltd for RM115.88mil.

In a filing with Bursa Malaysia, CCB said the proceeds from the land disposal will be for working capital purposes and to fund ongoing projects.

CCB said the vacant land is currently not being used and is not generating any cash flow for the group.

“Moving forward, the group intends to focus its resources on six ongoing development projects and should opportunities arise, take advantage of land banking opportunities and joint ventures in other strategic locations.

“The group will have the flexibility and liquidity to pursue investment opportunities or projects requiring large capital expenditure, whilst strengthening the group’s working capital position.”

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

CCB , Johor , industrial land

   

Next In Business News

US weekly jobless claims unexpectedly fall
Thong Guan Industries to sell unit in related party transaction
7-Eleven Malaysia sees stronger 4Q ahead
Bitcoin marches towards US$100,000 on optimism over Trump crypto plans
Sunway Construction’s net profit rises to RM46.47mil in 3Q24
Bank Islam launches new digital banking platforms
Mega First’s net profit rises to RM116.64mil in 3Q
Fajarbaru net profit triples to RM8.42mil in 1Q25
Globetronics Partners with Taiwan's ChipMOS for Integrated Circuit Services
Hap Seng 3Q24 net profit soars nearly fourfold to RM193.11mil

Others Also Read