KUALA LUMPUR (Dec 6): Johor-based property developer Crescendo Corp Bhd (KL:CRESNDO) is selling more land for the development of data centres in Johor, this time for RM120.06 million in cash.
In a filing with Bursa Malaysia, Crescendo said it signed an agreement with Data Cloud Innovation Sdn Bhd (DCI), a wholly owned unit of UK-based Magma Holding Company Ltd, on Friday for the sale of five plots of freehold vacant land in Iskandar Puteri.
These plots form part of the Nusa Cemerlang Industrial Park, a light and medium industrial development undertaken by Crescendo, covering a total area of 800,413.2 square feet. The net book value of the land, based on audited financial statements as of Jan 31, 2024, was RM19.15 million.
This marks Crescendo’s seventh land disposal since November last year, when it sold two parcels for RM117.02 million to STT GDC Malaysia 2 Sdn Bhd, a Singapore-based data centre operator.
Crescendo has also sold land to other data centre operators, including Yu Ao Sdn Bhd, Microsoft Payments (Malaysia) Sdn Bhd, Nanda Digital Sdn Bhd, and Digital Halo Pte Ltd, bringing the total land sales to RM792.17 million.
From the latest transaction, Crescendo expects to record a consolidated gain after taxation of RM65.22 million. The sale price, which was determined on a "willing buyer, willing seller" basis, will not result in Crescendo being classified as a cash company or a Practice Note 17 entity.
Upon completion of the disposal, expected in the first half of 2025, Crescendo’s net assets per share will rise to RM3.74 from RM3.51, while its gearing ratio will decrease to 0.33 times from 0.36 times.
The transaction is subject to approvals from relevant authorities, including the Johor state government and the Ministry of Economy’s Equity Development Division.
On the earnings front, Crescendo booked a record-high net profit of RM429.9 million for the six months ended July 31, 2024, on revenue of RM848.73 million, mainly contributed by data centre land sales in the Nusa Cemerlang Industrial Park.
Crescendo shares, which have risen over 65% year-to-date, closed unchanged at RM1.36 on Friday. This gives the Main Market-listed company a market capitalisation of RM1.14 billion.
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