PETALING JAYA: OCR Group Bhd’s share price rose 2.47% this morning on news of its joint venture (JV) with Casa Bangsar Sdn Bhd for a RM700 million project in Tebrau, Johor.
At midday, its share price rose 2.47% or 1 sen to 41.5 sen with 131,000 shares traded. The stock closed half sen higher at 40.5 sen yesterday with a total of 178,000 shares done.
OCR, through its wholly owned subsidiary Junjung Simfoni Sdn Bhd, entered into a JV agreement with Casa Bangsar to develop an integrated mixed development on 47.87 acres of land in Tebrau.
The project will be built in two phases and works are expected to begin within three months, with completion targeted in five years.
OCR will be entitled to 70% and Casa Bangsar 30% of profit upon completion of construction of this project.