Crescendo Unit To Sell Johor Land For RM119.83 Mln

KUALA LUMPUR, Jan 27 (Bernama) -- Crescendo Corporation Bhd’s (CCB) wholly owned subsidiary  Panoramic Industrial Development Sdn Bhd has entered into a conditional sale and purchase agreement with Microsoft Payments (Malaysia) Sdn Bhd for the disposal of 9.12 hectares in Johor Bahru worth RM119.83 million.

The company said in a filing with Bursa Malaysia that the disposal is expected to be completed by the second quarter of 2027.

It said the disposal will generate cash flows for development projects of the CCB Group and also unlock the value of the land at a reasonable price after taking into consideration the marketability and prospects of the land,” it said.

It added that the disposal will not have any effect on the issued and paid-up share capital and the shareholdings of the substantial shareholders of CCB as they do not involve any issuance of CCB shares.

-- BERNAMA