OCR Group Bhd has entered into an agreement with Magna Prima Bhd to sell 4.58 acres of a 20-acre development property in Section 15, Shah Alam, for RM45 million.
The deal involves OCR Group’s wholly-owned unit, OCR Avenue Sdn Bhd, and Magna Prima’s subsidiaries Magna Ecocity Sdn Bhd and Twinicon (M) Sdn Bhd, according to Bursa Malaysia filings. Magna Ecocity is the registered proprietor of the property, while OCR Avenue holds the development rights and power of attorney, allowing it to sell a portion of the land.
Under the agreement, Twinicon will acquire the 4.58-acre plot, enabling OCR Group to realise part of the property gains, reduce bank borrowings, and boost cash reserves for future developments. The land’s original cost was RM36.64 million, with a latest audited net book value of RM40.88 million. The sale is expected to yield a net gain of RM4.03 million.
For Magna Prima, the acquisition aligns with its strategic expansion and investment plans, aimed at strengthening its asset portfolio and generating long-term value. The purchase will be funded through internally generated funds and bank borrowings.
The transaction is expected to be completed within six months.
Shares of OCR Group closed unchanged at 4.5 sen on Tuesday, giving the developer a market capitalisation of RM150.3 million, while Magna Prima also ended flat at 74.5 sen, valuing the company at RM299.1 million.
