Paragon Globe unit to dispose of JB land for RM19.23mil

KUALA LUMPUR: Paragon Globe Bhd's wholly-owned subsidiary PGB Landmark Sdn Bhd is proposing to dispose of part of a parcel of freehold land in Tanjung Kupang, Johor Bahru, for RM19.23mil.

In a filing with Bursa Malaysia, the group said its unit had entered into a sales and purchase agreement with Buildcon Concrete Sdn Bhd for the sale of the 3.531-acre land.

Paragon Globe said it had paid RM6.82mil for the purchase of the land on Nov 17, 2023. It will register an estimated net pro forma gain of RM7.89mil from the proposed disposal after deducting expenses and income tax.

It said the proceeds of the disposal will go towards repaying bank borrowings and working capital and well as the estimated expenses relating to the proposed sale.