Bernama, 8 June 2011 - Dijaya’s Unit Buys Properties In Perak And Selangor

Bernama, 8 June 2011

KUALA LUMPUR, June 8 (Bernama) -- Dijaya Corp Bhd's subsidiary, Tropicana Subang Development Sdn Bhd, is acquiring four parcels of land in Petaling, Selangor, from Chunghwa Picture Tubes (Malaysia) Sdn Bhd (CPT) for RM385.46 million.

Another subsidiary, Tropicana Kampar Development Sdn Bhd, is acquiring two parcels of land in Kampar, Perak, from CPT for RM3.23 million and another parcel of land for RM2.39 million from Makolin Electronics (M) Sdn Bhd.

In a filing to Bursa Malaysia Wednesday, Dijaya said the acquisition cost would be funded with internally generated funds and/or bank borrowings.

Dijaya said the proposed acquisitions were in line with the group's overall strategy to acquire more land bank for potential development in strategic locations with high development value.

It would also serve as an opportunity for the group to venture and penetrate into the development activities in the vicinity of Subang Jaya and Kampar.

Dijaya said the development of both the Selangor and Perak properties were expected to generate an estimated gross development value of approximately RM2.5 billion and RM123.7 million, respectively, which would in turn contribute positively to the group's future revenue stream and financial performance.