Businessman Tan Sri Robert Tan Hua Choon ceased to be a substantial shareholder of Paragon Globe Bhd after disposing of 37 million shares in the group on Aug 2 through an off-market deal. (Photo by Sam Fong/The Edge)

KUALA LUMPUR (Aug 7): Businessman Tan Sri Robert Tan Hua Choon has ceased to be a substantial shareholder of Paragon Globe Bhd after disposing of half his stake in the Johor-based developer.

Tan, widely known as "Casio King", offloaded 37 million shares in the group on Aug 2 through an off-market deal, according to an exchange filing by Paragon Globe.

The filing did not indicate the value of the transaction or the identity of the buyer. Following the transaction, Tan’s shareholding has been reduced to 4.87%, or 36.33 million shares.

Paragon Globe is controlled by executive chairman Datuk Seri Edwin Tan Pei Seng and his brother, Datuk Seri Godwin Tan Pei Poh, who also serves as the group’s executive director.

The duo hold a 51.8% stake in Paragon Globe through their private vehicle, Paragon Adventure Sdn Bhd.

Paragon Globe has been actively acquiring land of late, including two parcels in Plentong, Johor for RM34.96 million from EKL Holdings Sdn Bhd.

Prior to that, the company inked agreements in May and June to acquire two other Plentong plots, one measuring 9.84 acres for RM13.5 million, and another measuring 14.85 acres for RM28.56 million.

As of July 26, Paragon Globe has 323.54 acres of land for development.

Last week, the group sold 19.759 acres of a 104.5-acre plot in Plentong to Bridge Data Centres Malaysia IV Sdn Bhd for RM98.98 million, in addition to 47.86 acres sold in May for RM238.32 million.

Paragon Globe’s shares rose one sen or 3.57% to 29 sen on Wednesday, giving the group a market capitalisation of RM227.72 million.