KUALA LUMPUR (Nov 3): Paragon Globe Bhd has proposed to acquire a freehold land in Johor Bahru for RM16.54 million, its Bursa Malaysia filing showed on Friday.

The property developer said its wholly-owned subsidiary, PGB Iconic Sdn Bhd has entered into a sale and purchase agreement with Besview Holdings Sdn Bhd for the proposed acquisition.

“The acquisitions represent opportunities for the company to accumulate strategic land for investment purposes.

“Furthermore, the acquisitions are coherent with the group’s objective to create greater economic value and further enhance its presence in the property market in Johor.

“The acquisitions enhance financial security, facilitate wealth accumulation and align with the broader goal of securing the group’s financial future in a dynamic and ever-changing economic landscape,” it said.

Meanwhile, the group said it will fund the proposed acquisition with internally generated fund and/or bank borrowings.

Shares in Paragon Globe finished unchanged at 19.5 sen, giving it a market capitalisation of RM145.6 million.

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