Nanyang Siang Pau, 12 November 2011 - Combine the Best of Both Companies Development Plans Make Penang Proud

Nanyang Siang Pau, 12 November 2011

In a joint-venture, the two public-listed companies formed Tropicana Ivory Sdn Bhd (TISB), with Ivory Properties taking 51 per cent stake in the project and Dijaya Corporation holding the balance 49 per cent.

Datuk Low Eng Hock pointed out that Dijaya Corporation Bhd is famous for building lifestyle properties. As such, he believes that the joint-venture of both companies to develop the mixed residential and commercial property in Penang will definitely make Penang proud of their plans.

Dijaya group chief executive officer Tan Sri Dato’ Tan Chee Sing said the signing was another milestone for Dijaya’s investment outside Klang Valley. He has full confidence in the growth potential of this region and he believes that it is time for the company to invest in this region.

Ivory Properties Group Bhd and Dijaya Corporation Berhad have signed a joint-venture agreement today and both asked for a one-day suspension in trading for their shares. Both will resume trading on Monday.

Present at the signing ceremony are Ivory Properties Group Bhd’s Deputy Chairman and Executive Director Dato Seri Nazir Ariff, Chairman and Chief Executive Officer Datuk Low Eng Hock, Executive Director Loh Chin Chuen, State Economic Planning Unit Deputy Director Hafidzah Hassan, Chief Operations Officer Wong Jen Yuen as well as Dijaya Managing Director and Executive Director Dato’ Khoo Poh Chye.