Dijaya recently have a right share to sell.
Now the OR is at 0.005 cents, nobody want.
So how???
Dijaya open to M&A in sector
Business & Markets 2012
Written by Isabelle Francis of theedgemalaysia.com
Tuesday, 02 October 2012 08:53
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PETALING JAYA: Dijaya Corp Bhd is open to mergers and acquisitions (M&A) in the property sector if an opportunity arises.
Group CEO Tan Sri Danny Tan Chee Sing, who holds 67% of the company, told The Edge Financial Daily recently the company is open to M&A even after Dijaya completes an amalgamation that makes it one of the biggest developers in the country.
The amalgamation was completed at end-August and involved the injection of RM1 billion worth of Tan’s privately held PROPERTIES [] into Dijaya.
The exercise increased Dijaya’s landbank to 913 acres with an estimated gross development value of RM38 billion to be developed over 10 to 15 years.
Today, Dijaya will ink its RM500 million commercial paper/medium term notes programme. Part of the proceeds will be used to develop the properties in the company and fund its expansion plans.
RHB Investment Bank Bhd and AmInvestment Bank Bhd are the joint lead arrangers/joint lead managers for the debt programme.
Tan said after the amalgamation and fundraising, the company’s profit after tax (PAT) is expected to be in excess of RM100 million.
Based on the developer’s first half ended June 30’s PAT of RM119.53 million, Dijaya should be on track to meet its expectations.
“This is substantiated by the recurring income from investment properties of approximately RM90 million in terms of gross revenue.
“With the completion of the amalgamation and debt funding, Dijaya is growing faster. A quantum leap to achieve our mission of RM2 billion to RM3 billion market capital,” he said in an email reply.
This article is appeared in The Edge Financial Daily on 2 October, 2012.