Paragon Globe buys 31 acres for commercial development

TheEdge Fri, Dec 06, 2019 09:43am - 4 years View Original


KUALA LUMPUR: Paragon Globe Bhd is acquiring 31.1 acres (12.59ha) of freehold land in Pulai, Johor to develop into a well-conceptualised commercial area.

The group is buying the land for RM60.96 million from  a company owned by Kumpulan Prasarana Rakyat Johor Sdn Bhd, Khazanah Nasional Bhd and the Employees Provident Fund Board (EPF).

The acquisition is in line with the group’s plan to diversify into property development and increase its existing land bank, it said in a filing with Bursa Malaysia yesterday.

Paragon Globe said its wholly-owned Paragon Globe Properties Sdn Bhd had signed a conditional sale and purchase agreement with Iskandar Capital Sdn Bhd.

The EPF owns a direct 29.26% stake in Iskandar Capital, while Khazanah has a 15.28% direct stake. The two, together with Kumpulan Prasarana Rakyat Johor, also have a 55.46% indirect interest in Iskandar Capital — held via Iskandar Investment Bhd.

The largest shareholder of Paragon Globe, according to the group’s annual report, is Paragon Adventure Sdn Bhd, which owned a 51% stake as at July 2. Paragon Adventure is reportedly 65%-controlled by Datuk Seri Edwin Tan Pei Seng and 35% by his brother Datuk Seri Godwin Tan Pei Poh. They are the sons of Datuk Tan Eng Boon of Joland Group. Pei Seng is Paragon Globe’s group managing director, while Pei Poh is group executive director.

Joland is involved in property development, and hospitality and leisure. Its assets include the Grand Paragon Hotel and Kukup Golf Resort, both of which are in Johor.

Prominent businessman Tan Sri Tan Hua Choon still owns a 9.82% stake in Paragon Globe.

Paragon Globe’s share price closed unchanged at 98 sen on Bursa yesterday, giving the group a market capitalisation of RM182.92 million.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

BURSA 7.460
PARAGON 3.690
PGLOBE 0.235

Comments

Login to comment.