PGB, Solarvest Mutually Terminate MoU Amid Strategic Changes in Desa Cemerlang Development
Termination of Memorandum of Understanding
Bursa Malaysia-listed property developer Paragon Globe Bhd (PGB) has mutually terminated the memorandum of understanding (MoU) with Solarvest Holdings Bhd (SHB), which was signed in February this year. This decision is part of PGB’s strategic restructuring of the Desa Cemerlang project.
Reason for Termination
The MoU, which primarily focused on developing a green industrial township within Desa 100, is no longer relevant following the sale of 67.62 acres of freehold land within Desa 100 to Bridge Data Centres Malaysia IV Sdn Bhd and Bridge Data Centres Malaysia VI Sdn Bhd.
Future Plans
PGB executive chairman Datuk Sri Edwin Tan Pei Seng said, “The decision to terminate the MoU with SHB was made after careful consideration of the evolving landscape of our Desa Cemerlang project. However, we remain steadfast in our commitment to sustainable development and ESG principles. We value our partnership with Solarvest and look forward to exploring future collaborations once our revised plans are finalised.”
Vision for Desa Cemerlang
Tan said PGB’s vision for Desa Cemerlang remains unchanged: to create a vibrant industrial hub that aligns with market needs, ESG goals, and the aspirations of Johor’s stakeholders.
Conclusion
In conclusion, PGB’s decision to terminate the MoU with Solarvest is part of its strategic restructuring of the Desa Cemerlang project. While the MoU is no longer relevant, PGB remains committed to sustainable development and ESG principles, and looks forward to exploring future collaborations with Solarvest.
FAQs
A: The MoU was terminated due to the sale of 67.62 acres of freehold land within Desa 100 to Bridge Data Centres Malaysia IV Sdn Bhd and Bridge Data Centres Malaysia VI Sdn Bhd, making the agreement no longer relevant.
A: Yes, PGB values its partnership with Solarvest and looks forward to exploring future collaborations once its revised plans are finalised.
A: PGB’s vision for Desa Cemerlang remains unchanged: to create a vibrant industrial hub that aligns with market needs, ESG goals, and the aspirations of Johor’s stakeholders.