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Dijaya aborts high-end property venture in Mongolia

KUALA LUMPUR: Dijaya Corporation Bhd has aborted its plan to acquire the remaining 75% of a Mongolian property development holding company, Transglobal Ltd (TGL), and instead is selling a 25% stake it already owned in the latter.

In a statement on Monday, June 7, Dijaya said both it and the vendor Winmark Holdings Ltd had agreed to terminate their sale and purchase of share agreement dated April 7, 2010 over the 75% stake for US$35,000 (RM116,900) cash due to “non-satisfaction with the results of the financial due diligence conducted on TGL”.

Simultaneously, Dijaya entered into another agreement with Winmark to dispose of a 25% stake in TGL it already owned to the latter for US$12,500 cash.

Dijaya had on April 7 agreed to acquire the 75% stake in TGL from Winmark and 25% from Wizamir LLC for a total of US$50,000 cash.

TGL holds a 75% stake in Transglobal Development LLC (TGD), while Wizamir holds the remaining 25%.

Pursuant to an earlier joint-venture agreement between Winmark and Wizamir, TGD would undertake the development of an 8.03-acre land in Bayanzurkh District, Ulaanbaatar, Mongolia, for US$174 million worth of apartments, shop units and luxury apartments.
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