news

OCR Group terminates joint venture with D’nonce

KUALA LUMPUR (March 10): OCR Group Bhd has terminated its joint venture (JV) agreement with D’nonce Technology Bhd to develop affordable apartments in Seberang Perai Tengah, Penang.

OCR did not mention the reason for the cancellation of the agreement in its filing with Bursa Malaysia today.

The JV between OCR’s wholly-owned subsidiary Fajar Simfoni Sdn Bhd and D’nonce’s unit D’nonce Properties Sdn Bhd was signed in May last year.

The two parties agreed to develop a 19-storey block housing 281 units of flats and a seven-storey car park podium on 6,774 sq m of land belonging to Tan Than Kau and Tan Tiang Yang.

The project was worth RM85 million in gross development value.

In its filing, OCR said the group reserves the rights to claim against D’nonce Properties under the agreement and the law.

“The termination will not have any material effect on the earnings or net assets of OCR for the financial year ending Dec 31, 2020,” the group added.

OCR’s share price rose 1.5 sen or 6.38% to close at 25 sen today, giving a market capitalisation of RM83.2 million.

Click here to see commercial properties for sale in Seberang Perai, Penang.

Click here for more property stories.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. Appellate court dismisses Penang residents’ appeal against Sunway property development
  2. Ahmad Fuzi takes oath of office as Penang YDP
  3. Tashin unit to acquire land, buildings in Penang for RM43.5m