Paragon Globe Unit To Sell Land In Johor Worth RM64.47 Mln

KUALA LUMPUR, Dec 4 (Bernama) -- Paragon Globe Bhd‘s wholly owned unit PGB Landmark Sdn Bhd planned to sell a parcel of freehold land in Tanjung Kupang, Johor for RM64.47 million to GSP Automotive Malaysia Sdn Bhd.

Paragon Globe said in a Bursa Malaysia filing today that PGB Landmark has entered into a conditional sale and purchase agreement with GSP Automotive for the 5.45 hectare land.

“The proceeds from the proposed disposal will be utilised for expenses relating to the proposed disposal, repayment of bank borrowings and working capital,” it said.

It said the group’s total bank borrowings consisted of term loans amounting to RM455.55 million.

“The proposed disposal forms part of the group’s ongoing efforts to optimise its asset portfolio and capital structure and also aligns with the group’s broader strategy to strengthen financial resilience, enhance liquidity and redeploy capital into developments and investment opportunities that support long-term growth,” it said.

-- BERNAMA