MAIN Market-listed property developer Paragon Globe Bhd (PGB) (formerly Goh Ban Huat Bhd) has secured a resounding 99.99% approval for all five resolutions tabled at its extraordinary general meeting (EGM) held today (Dec 27).
This strong mandate paves the way for PGB to implement key corporate exercises to drive its growth strategy and enhance shareholder value.
“These approvals enable us to execute our strategic vision and capitalise on opportunities in the dynamic property market,” commented PGB’s executive chairman Datuk Seri Edwin Tan Pei Seng.
Earier, PGB’s shareholders had approved the proposed acquisition of several strategically located parcels of land, including:
- 85 acres of freehold industrial land in the Mukim of Plentong, Johor for a purchase consideration of RM28.56 mil; and
- 33 acres of freehold agriculture land in Mukim of Plentong, Johor for a purchase consideration of RM34.96 mil.
Recognising the evolving needs of the market, shareholders also approved the proposed disposal of:
- 86 acres of freehold industrial land in Desa Cemerlang, Johor to Bridge Data Centres Malaysia IV Sdn Bhd for a total RM238.32 mil cash; and
- 759 acres of freehold industrial land in Desa Cemerlang, Johor to Bridge Data Centres Malaysia VI Sdn Bhd for a total RM98.98 mil cash.
This strategic divestment unlocks significant value from PGB’s land bank, allowing for the development of a data center that will contribute to Johor’s digital infrastructure.
Additionally, PGB’s shareholders also endorsed the group’s plans to diversify its income streams by pursuing strategic partnerships, including proposed joint venture with Tropicana Danga Bay Sdn Bhd to develop landmark project in Danga Bay.
The development rights agreement with Tropicana Danga Bay entails a consideration of RM102.46 mil.
Committed to integrating Environmental, Social and Governance (ESG) principles in its operations, the group is actively pursuing green initiatives, including the Provisional GreenRE-certified projects such as Desa 27 (Plot 3 and Plot 4) at Desa Cemerlang and the PGB Hostel at Pekan Nenas as well as its upcoming serviced apartment developments in Johor Bahru.
“Sustainability is an integral part of our business strategy,” revealed Tan. “We believe that by incorporating ESG considerations into our developments, we are creating long-term value for our stakeholders and contributing to a better future.”
He added: “With the shareholders’ approval, PGB is well-positioned to execute its growth strategy and solidify its position as a leading property developer in Malaysia. The group remains focused on delivering innovative and sustainable developments that meet the evolving needs of the market.”
At 3.35pm, PGB was down 0.5 sen or 1.33% to 37 sen with 1.63 million shares traded, thus valuing the company at RM276 mil. – Dec 27, 2024
