DIJAYA CORP Bhd is buying from various vendors a total of 73 properties, comprising of 49 parcels of land and 16 buildings, for a total of RM949.9 million.
Group chief executive officer Tan Sri Danny Tan Chee Sing said the acquisition will be satisfied bt RM250 million cash with the balance via the issuance of a 10-year 3% coupon redeemable convertible unsecured loan stock.
"The whole intention of this amalgamation exercise is to consolidate all property development and investment activities into Dijaya while avoiding businesses that are conflicting or competing.
Dijaya proposed a 4-for-5 rights issue at RM1.20 each sweetened with a 1-for-4 bonus issue, plus the issuance of RM500 million guaranteed commercial paper/medium term notes. - Bernama