On 27 December 2024, Paragon Globe Berhad (PGB), a property developer listed on Bursa Malaysia Securities Berhad Main Market, announced that its shareholders overwhelmingly approved all resolutions at the Extraordinary General Meeting (EGM).
With a remarkable 99.99% approval rate, the company is now poised to move forward with key corporate initiatives that will drive its growth strategy, enhance shareholder value, and support its diversification plans.
Strong Shareholder Support
The exceptional level of shareholder support underscores the confidence investors have in PGB’s strategic direction and leadership. Achieving a 99.99% approval rate reflects broad-based agreement on the company’s future plans. Moreover, this strong consensus is critical as PGB ventures on significant acquisitions, disposals, and diversification initiatives. These strategic moves are designed to strengthen the company’s market position and drive sustainable growth in the long term.
The Executive Chairman of PGB, Dato’ Sri Edwin Tan Pei Seng, stated:
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.
Dato’ Sri Edwin Tan Pei Seng, Executive Chairman of PGB
Strategic Acquisitions And Disposals
Image via BERNAMA
Shareholders approved the proposed acquisition of several strategically located parcels of land. These include 14.85 acres of freehold industrial land in Mukim of Plentong, Johor, for RM28.56 million. They also approved 19.33 acres of freehold agriculture land in Mukim of Plentong, Johor, for RM34.96 million.
Recognising the evolving needs of the market, shareholders also approved the proposed disposal of 47.86 acres of freehold industrial land in Desa Cemerlang, Johor. This land will go to Bridge Data Centres Malaysia IV Sdn Bhd for RM238.32 million. Additionally, they approved the disposal of 19.759 acres of freehold industrial land in Desa Cemerlang, Johor, to Bridge Data Centres Malaysia VI Sdn Bhd for RM98.98 million. This strategic divestment unlocks significant value from PGB’s land bank. It allows for the development of a data centre that will contribute to Johor’s digital infrastructure.
Diversification And Strategic Partnerships
Image via Tropicana Danga Bay
Shareholders endorsed PGB’s plans to diversify its income streams and pursue strategic partnerships. One such partnership is the proposed joint venture with Tropicana Danga Bay Sdn Bhd to develop a landmark project in Danga Bay. The development rights agreement with Tropicana Danga Bay Sdn Bhd involves a consideration of RM102.46 million.
Commitment To Sustainability
Image via The Sun
PGB remains committed to integrating Environmental, Social, and Governance (“ESG”) principles into its operations. The Group is actively pursuing green initiatives. These include Provisional GreenRE-certified projects such as Desa 27 (Plot 3 and Plot 4) at Desa Cemerlang and PGB Hostel at Pekan Nenas. Additionally, the company is focusing on its upcoming serviced apartment developments in Johor Bahru.
Dato’ Sri Edwin Tan added,
Sustainability is an integral part of our business strategy. We believe that by incorporating ESG considerations into our developments, we are creating long-term value for our stakeholders and contributing to a better future.
Dato’ Sri Edwin Tan Pei Seng, Executive Chairman of PGB
With strong backing from its shareholders, PGB is set to take bold steps in its growth journey. The approved acquisitions, strategic land disposals, and partnerships are expected to strengthen the company’s property portfolio and pave the way for exciting new developments, such as the data centres that will enhance Johor’s digital landscape. These moves position PGB to continue its leadership in the property development sector, delivering lasting value to its stakeholders and setting the stage for a prosperous future.
