Dijaya eyes land in Penang, Johor

KUALA LUMPUR: DIJAYA CORPORATION BHD, known for its flagship Tropicana Golf and Country Resort developments, is eyeing more land parcels as it seeks to grow its current land bank of about 460 acres, said its managing director Datuk Tong Kien Onn.

The group was keen on purchasing land in Penang and Johor and was always on the lookout for land parcels, he told reporters after its AGM on Wednesday, June 23.

“We are looking all kinds of sizes. Smaller parcels from 10 acres to 20 acres, bigger parcels over 100 acres wide, also possible,” he said.

Tong said its net debt to equity ratio stood at 0.25, enabling it to make the bank borrowings necessary to supplement the purchase of new land parcels.

Dijaya currently has RM287.94 million in cash and cash equivalents as at its financial year ended Dec 31, 2009 (FYE2009), according to its 2009 annual report.

By The EDGE Malaysia