Paragon unit to dispose of land in Johor for RM98.98mil

KUALA LUMPUR: Paragon Globe Bhd’s wholly-owned subsidiary, Paragon Business Hub Sdn Bhd (PBHSB), has entered into a conditional sale and purchase agreement with Bridge Data Centres Malaysia VI Sdn Bhd (BDCVI) for the proposed disposal of 7.98 hectare land in Johor Bahru, Johor, for RM98.98 million.

The disposal is expected to be completed by the third quarter of 2025, the company said in a filing with Bursa Malaysia today.

"The proposed land disposal is expected to provide an opportunity for the group to unlock and realise the value of the land in the near term, as well as allow the group to improve its financial position.”

The proceeds from the proposed land disposal are expected to strengthen the group’s principal business and provide an overall benefit to the group. - Bernama