Paragon Global Berhad has announced that its board of directors approved for the proposed acquisitions seven plots of land in Johor for RM146 million by its subsidiary PLSB.
The variations on the new SPA include for Land 1, Land 2, Land 3 and Land 4 without waiting for the SPA for Land 7 to become unconditional and that the SPA for Land 7 will lapse if failure to obtain the EPU approval before the expiration of the conditional period. It noted the vendor shall refund the deposit of RM2,152,770.57 paid by or on behalf of PLSB towards the purchase consideration free of interest to PLSB within (21) days.
PLSB said the variations will also ensure the acquisition of Land 1, Land 2, Land 3 and Land 4 would remain unaffected, should PLSB fails to obtain the EPU approval for the purchase of Land 7. Therefore it said the Proposed Variations would be beneficial for the Company to ensure seamless continuation of project development and securing the opportunity to capitalise on estimated profits and market share.
The company also said the proposed variations was necessary for realising these benefits and fulfilling the rationale behind the proposed acquisitions. Failure to do so would impede the Company’s ability to secure these strategic lands, thus stalling the expansion plans and constraining the envisioned growth and development opportunities envisaged for Johor’s property market.
