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KUALA LUMPUR (Dec 19): Property developer Crescendo Corp Bhd is buying a piece of land in Johor Bahru for RM13 million to develop apartments for rent by Crescendo International College students.
Crescendo’s wholly-owned unit Crescendo Education Sdn Bhd owns a 55% stake in Crescendo International College.
The group, via Crescendo Education, is buying the land from Panoramic Housing Development Sdn Bhd, a related party.
“The acquisition is expected to support and strengthen the group’s position in the education business,” Crescendo said in a filling with Bursa Malaysia.
“It is expected to contribute and supplement the long-term profitability of the core business activities of the Group, which are in property development and building construction,” the group added.
Share price of Crescendo fell one sen or 0.83% to close at RM1.19 yesterday, valuing the group at RM333.75 million. — theedgemarkets.com
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