KUALA LUMPUR: Shareholders of Paragon Globe Bhd have approved the acquisitions of several parcels of land in Johor.
This included 6.0 hectares (ha) of freehold industrial land in Plentong for RM28.56 million and 7.82ha of freehold agriculture land in the same area for RM34.96 million.
The shareholders also approved the disposal of 19.37 ha of freehold industrial land in Desa Cemerlang to Bridge Data Centres Malaysia IV Sdn Bhd for RM238.32 million and another 7.92 ha for RM98.98 million.
"We are grateful for the resounding support from our shareholders. These approvals enable us to execute our strategic vision and capitalise on opportunities in the dynamic property market," said Paragon executive chairman Datuk Seri Edwin Tan Pei Seng.
The company said the divestment unlocks significant value from its land bank, allowing for the development of a data centre that will contribute to Johor's digital infrastructure.
Shareholders also endorsed Paragon's plans to diversify its income streams and pursue 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 is valued at RM102.46 million.
The company said it is actively pursuing green initiatives.
This includes Provisional GreenRE-certified projects such as Desa 27 (Plot 3 and Plot 4) at Desa Cemerlang and PGB Hostel at Pekan Nenas, as well as its upcoming serviced apartment developments in Johor Bahru.