Johor Bahru: Crescendo Corporation Bhd’s (CCB) wholly owned subsidiary, Panoramic Industrial Development Sdn Bhd, has entered into a conditional sale and purchase agreement with Microsoft Payments (Malaysia) Sdn Bhd. The agreement involves the disposal of a 9.12-hectare plot of land in Johor Bahru, valued at RM119.83 million.

According to BERNAMA News Agency, the company announced in a filing with Bursa Malaysia that the disposal is anticipated to be concluded by the second quarter of 2027. The transaction is expected to generate cash flows for CCB Group’s future development projects and unlock the land’s value at a reasonable price, considering its marketability and prospects.

The company also mentioned that the disposal will not impact the issued and paid-up share capital or the shareholdings of CCB’s substantial shareholders, as there will be no issuance of CCB shares involved in the transaction.