OCR Group Bhd is set to expand its property-related capabilities through a proposed acquisition of a 49% equity interest in Chester Properties Sdn Bhd for RM19.6 million, as part of the group’s strategy to enhance its property marketing and sales operations.
In a filing with Bursa Malaysia, OCR Group said it has entered into a conditional share sale agreement with Datuk Howard Chew Si Hoo to acquire the stake in Chester Properties, with the purchase consideration to be fully satisfied through the issuance of 478.05 million new OCR Group shares at an issue price of 4.1 sen per share.
Chew, 42, is among the shareholders of Chester Properties, a Malaysian property agency company principally involved in providing property sales and marketing services across the country.
Established as a growing player in the property agency sector, Chester Properties currently operates 11 branches nationwide, with a presence in several key property markets including Kuala Lumpur, Selangor, Melaka, Sarawak and Johor. The company is supported by a network of approximately 4,000 property agents, providing extensive market reach and sales capabilities.
OCR Group said the proposed acquisition will enable the company to tap into Chester Properties’ established expertise, industry knowledge and nationwide sales network to strengthen its property development activities.
“Upon completion of the proposed acquisition, the group intends to leverage on the expertise of the existing management team as well as the established sales channels and network of Chester Properties to enhance the effectiveness of its project marketing and sales activities,” OCR said.
The partnership is expected to create greater synergies between OCR Group’s property development business and Chester Properties’ agency platform, allowing the group to improve customer outreach, optimise project sales strategies and enhance its ability to market future developments.
Through the acquisition, OCR aims to build a more integrated property ecosystem by combining its development capabilities with a wider property sales network, positioning the group for stronger growth opportunities within Malaysia’s competitive real estate sector.
