KUALA LUMPUR, April 4 (Bernama) -- Crescendo Corporation Bhd’s wholly-owned subsidiary, Panoramic Industrial Development Sdn Bhd (PID), has entered into a conditional sale and purchase agreement with Microsoft Payments (Malaysia) Sdn Bhd (MPSB) for the disposal of land in Pulai, Johor Bahru, for RM132.47 million in cash.
In a Bursa Malaysia filing today, the property development company said that the freehold land is strategically located within a prime and mature industrial estate, surrounded by residential, commercial, and industrial developments, and is 1.10 million square feet in size.
“This land can only be used for a medium industry area for the purposes of a data centre and other related uses, constructed in accordance with the plans approved by the authority.
“The land cannot be sold or transferred in any way whatsoever to a non-citizen or foreign company without the approval of the state authority,” it said.
Crescendo said the net cash proceeds are intended to be utilised for the repayment of loans and borrowings amounting to RM50 million, working capital (RM73.41 million), and estimated expenses related to the proposed disposal (RM4.29 million), to be utilised within 24 months from the completion of the disposal.
Another RM4.77 million will be incurred for the disposal in relation to the estimated cost of development.
-- BERNAMA
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