Kuala lumpur: Paragon Globe Bhd’s wholly owned unit, PGB Landmark Sdn Bhd, has announced plans to sell a parcel of freehold land in Tanjung Kupang, Johor, for RM64.47 million to GSP Automotive Malaysia Sdn Bhd. The company made this announcement in a filing with Bursa Malaysia today, highlighting a strategic move in its asset management.

According to BERNAMA News Agency, PGB Landmark has entered into a conditional sale and purchase agreement with GSP Automotive for the 5.45-hectare land. The proceeds from the proposed sale are earmarked for covering expenses related to the transaction, repaying bank borrowings, and bolstering working capital.

The group’s total bank borrowings stand at RM455.55 million, and the proposed disposal is part of an ongoing effort to optimize its asset portfolio and capital structure. This initiative aligns with Paragon Globe’s broader strategy to strengthen financial resilience, enhance liquidity, and redirect capital into developments and investment opportunities that support long-term growth.