KUALA LUMPUR: Crescendo Corporation Bhd (CCB) is selling seven parcels of land for RM117.02 million to STT GDC Malaysia 2 Sdn. Bhd.
The group is expected to record a gain of RM70.01 million from the deal.
STT GDC M is a data centres facilities and colocation services provider, and activities of providing infrastructure for hosting, data processing services and related activities.
All seven parcels of land form part of the master development known as "Nusa Cemerlang Industrial Park", a light and medium industrial park developed by Panoramic Industrial Development Sdn Bhd.
CCB plans to use the proceeds from the sale of the seven parcels of land for the development of the balance landbank owned by the group and PID, as well as to provide working capital for the group and PID and/or settlement of the existing liabilities of the group and PID and is expected to be used within three months from the disposal.
The company's share price was up 1.48 per cent to RM1.37 a share.