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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Crescendo to Acquire SGR Land and Johor Land Purchase Agreements in RM169 Million Deal

 

Crescendo Corporation Bhd has announced plans to acquire SGR Land Development Sdn Bhd and assume its six land purchase agreements in Johor for a total of RM168.85 million. Crescendo will pay RM10.79 million for a 100% stake in SGR Land from owners Ong Soon Liong, Ong Soon Chong, and Lok Kok Lee, with the remaining RM158.06 million covering the land purchase obligations.

The acquired land spans 135.03 acres and is strategically located with access to key infrastructure such as the Second Link to Singapore, Port of Tanjung Pelepas, North-South Expressway, and Senai International Airport. The location is ideal for the development of industrial properties, which Crescendo anticipates will benefit from expected investment and tax incentives within the Johor-Singapore Special Economic Zone.

SGR Land had previously signed six sale-and-purchase agreements for the land at prices ranging from RM26.50 to RM40 per square foot. These transactions are expected to be completed by the second quarter of 2025 and will be funded through Crescendo’s cash reserves, which stood at RM238.42 million as of July.

Crescendo's shares remained unchanged at RM1.53, with a market capitalization of RM1.28 billion as of Wednesday afternoon. This acquisition positions Crescendo to take advantage of growing demand for industrial land in the region.

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