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The Star

Paragon Globe, Bridge Data Centres revise terms of two Johor land deals

KUALA LUMPUR: Paragon Globe Bhd 's wholly-owned subsidiary, Paragon Business Hub Sdn Bhd (Paragon Business Hub), has entered into supplemental letters with Bridge Data Centres Malaysia VI Sdn Bhd to amend mutually agreed-upon provisions relating to two land disposals in Johor. Last year, Paragon Business Hub entered into conditional sale and purchase agreements (SPAs) with Bridge Data to dispose of 19.36 hectares of land and 8.00 hectares of land in Johor Bahru for RM238.32 million and RM98.98 million in cash, respectively. In a filing with Bursa Malaysia today, Paragon Globe said Paragon Business Hub has entered into a second supplemental letter with Bridge Data to amend the mutually agreed-upon provisions relating to the 19.36-hectare land and to impose additional obligations on Paragon Business Hub. It said the proposed land SPA variations were mutually agreed upon between Paragon Business Hub and Bridge Data to accommodate changes necessitated by practical considerations, including timeline adjustments and additional conditions. Meanwhile, Paragon Globe said the proposed land SPA variations for the eight-hectare land are intended to address practical challenges related to the original timelines and conditions outlined in the initial agreement. "These revisions reflect the mutual agreement and ongoing developments between Paragon Business Hub and Bridge Data, accommodating adjustments to timelines and conditions that are no longer feasible within the originally stipulated period,' it said. Paragon Global added that the proposed land SPA variations would not affect its issued share capital, the substantial shareholders' shareholding in PGB, the group's net asset per share, gearing, earnings and earnings per share. - Bernama