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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS PARAGON GLOBE BERHAD ("PGB" OR "COMPANY") PROPOSED ACQUISITION BY PARAGON BUSINESS HUB SDN BHD ("PBHSB"), A WHOLLY-OWNED SUBSIDIARY OF PGB, OF ALL THAT PIECE OF FREEHOLD LAND HELD UNDER GERAN MUKIM 462 LOT 94, IN THE MUKIM OF PLENTONG, DISTRICT OF JOHOR BAHRU, STATE OF JOHOR MEASURING AN APPROXIMATE AREA OF 3.98 HECTARES (9.84 ACRES) FOR A PURCHASE CONSIDERATION OF RM13.50 MILLION TO BE SATISFIED IN CASH

PARAGON GLOBE BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
PARAGON GLOBE BERHAD ("PGB" OR "COMPANY") 

PROPOSED ACQUISITION BY PARAGON BUSINESS HUB SDN BHD ("PBHSB"), A WHOLLY-OWNED SUBSIDIARY OF PGB, OF ALL THAT PIECE OF FREEHOLD LAND HELD UNDER GERAN MUKIM 462 LOT 94, IN THE MUKIM OF PLENTONG, DISTRICT OF JOHOR BAHRU, STATE OF JOHOR MEASURING AN APPROXIMATE AREA OF 3.98 HECTARES (9.84 ACRES) FOR A PURCHASE CONSIDERATION OF RM13.50 MILLION TO BE SATISFIED IN CASH

Reference is made to the following:

  1. announcement dated 8 May 2024 in relation to the proposed disposal by PBHSB of part of a parcel of freehold land held under Geran 80943 Lot 2699, in the Mukim of Plentong, District of Johor Bahru, State of Johor measuring approximately 47.86 acres (“Land A”) for a cash consideration of RM238,317,195.60 (“Land A Disposal Consideration”) (“Proposed Land A Disposal”); and
  2. announcement dated 30 May 2024 in relation to the proposed acquisition by PBHSB of all that piece of freehold land held under HSD 631308 PTD 250799, in the Mukim of Plentong, District of Johor Bahru, State of Johor measuring approximately 14.85 acres (“Land B”) for a purchase consideration of RM28,563,133.20 (“Land B Purchase Consideration”) to be satisfied in cash (“Proposed Land B Acquisition”).

On behalf of the Board of Directors of PGB (“Board”), TA Securities Holdings Berhad wishes to announce that PBHSB, a wholly-owned subsidiary of PGB, had on 3 April 2024, entered into a sale and purchase agreement (“Land C SPA”) with Ng Kok Kiang, Ng Kok Seng and Ng Lo Meng (collectively are referred to as “Vendors”) for the proposed acquisition of all that piece of freehold land held under Geran Mukim 462 Lot 94, in the Mukim of Plentong, District of Johor Bahru, State of Johor measuring an approximate area of 3.98 hectares (9.84 acres) (“Land C”) for a purchase consideration of RM13.50 million (“Land C Purchase Consideration”) to be satisfied in cash (“Land C Acquisition”). There was no announcement made by PGB on 3 April 2024 as the highest percentage ratio applicable to the Land C Acquisition pursuant to Paragraphs 10.02(g) and 10.05 of the Main Market Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Securities”) is less than 5%.

 

Nevertheless, pursuant to Paragraphs 10.12(1) and 10.12(2)(c) of the Listing Requirements, the Land C Acquisition, the Proposed Land A Disposal and the Proposed Land B Acquisition are to be aggregated as the terms of the transactions were agreed upon within a period of 12 months and involve the acquisition and/or disposal of parcels of lands that are contiguous to each other. Accordingly, PGB wishes to rectify the percentage ratio applicable to the Proposed Land A Disposal and Proposed Land B Acquisition.

 

Please refer to the attachment for further details on the Land C Acquisition.




Please refer attachment below.



Announcement Info

Company Name PARAGON GLOBE BERHAD
Stock Name PGLOBE
Date Announced 07 Jun 2024
Category General Announcement for PLC
Reference Number GA1-07062024-00049



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