Dijaya scraps TGL plan

New Straits Times , 08 June 2010

DIJAYA Corp Bhd said it has dropped its plan to buy a 75 per cent stake in Transglobal Ltd (TGL) for US$37,500 (RM124,875), due to unsatisfactory due diligence findings.

On April 7 this year, Dijaya had entered into an agreement with Winmark Holdings Ltd on the proposed purchase for the development of a property project in Ulaanbaatar, Mongolia.

Following the aborted purchase, Dijaya had yesterday entered into another deal with Winmark to dispose of 25 per cent equity interest in TGL, to Winmark for US$12,500 (RM41,625).