PETALING JAYA: OCR Group Bhd has entered into a conditional share sale agreement to acquire a 49% stake in Chester Properties Sdn Bhd from Datuk Howard Chew Si Hoo for RM19.6mil.

In a filing with Bursa Malaysia, OCR Group said the acquisition will be satisfied entirely through the issuance of 478.05 million new OCR Group shares at 4.1 sen each.

Chew, 42, is one of the shareholders of Chester Properties, which is principally involved in undertaking property agency business in Malaysia.

Chester Properties currently operates 11 branches throughout Malaysia, with presence in key property markets such as Kuala Lumpur, Selangor, Melaka, Sarawak and Johor.

The agency is supported by a team of approximately 4,000 agents.

“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.

“Given the established network and market presence of Chester Properties in the property segment in Malaysia, the strategic tie-up with Chester Properties via the proposed acquisition is expected to provide the group with direct access to a broader pool of potential buyers."

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