MAIN Market-listed property developer Paragon Globe Bhd (PGB) (formerly Goh Ban Huat Bhd) has mutually terminated its memorandum of understanding (MOU) originally inked in February this year with clean energy specialist Solarvest Holdings Bhd.
This decision follows PGB’s strategic restructuring of its Desa Cemerlang industrial land development project, specifically the disposal of 47.86 acres and 19.76 acres of freehold land within DESA 100 by PGB to Bridge Data Centres Malaysia IV Sdn Bhd and Bridge Data Centres Malaysia VI Sdn Bhd respectively for a total of 67.62 acres.
The MOU which primarily focused on the development of a green industrial township within DESA 100 has become irrelevant following the land sale.
“The decision to terminate the MOU with Solarvest was made after careful consideration of the evolving landscape of our Desa Cemerlang project,” PGB’s executive chairman Datuk Seri Edwin Tan Pei Seng pointed out.
“However, we remain steadfast in our commitment to sustainable development and ESG (environmental, social and governance) principles. We value our partnership with Solarvest and look forward to exploring future collaborations once our revised plans are finalised.”
On the same note, Tan reiterated that PGB’s vision for Desa Cemerlang remains unchanged which is “to create a vibrant industrial hub that aligns with market needs, ESG goals and the aspirations of Johor’s stakeholders”.
PGB has recently unveiled record-breaking financial results for its 2Q FY3/2025 ended Sept 30, 2024 driven by strong performance in its property development segment.
Its net profit surged to RM9.08 mil which a meteoric jump from RM415,000 in the same quarter of last year. The group’s pre-tax profit also hit a record high of RM12.7 mil (2Q FY3/2024: RM1.19 mil).
At the close of today’s (Dec 9) market trading, PGB was unchanged at 37.5 sen with 3.64 million shares traded, thus valuing the company at RM280 mil. – Dec 9, 2024
