The group, which is engaged in the infrastructure, timber and healthcare activities, is looking at setting up a full-fledged commercial banking unit in Djibouti.
They are looking at (offering) conventional and Islamic banking services as 95 per cent of the population there are Muslims. Djibouti, with a population of about 500,000 is a republic measuring 23,000 sq km. It is located at the horn of Africa and is bordered by Eritrea, Ethiopia and Somalia. It lies on the Gulf of Aden, at the southern entrance to the Red Sea.
Wijaya Baru sees ample opportunities in the republic due to its port facility. The Port of Djibouti serves the landlocked Ethiopia's primary link to the sea. The economy of Djibouti is based on service activities connected with the country's strategic location and status as a free trade zone in northeast Africa. Djibouti provides services as both a transit port for the region and an international transshipment and refuelling centre.
Asia Capital Ltd, it is the largest investment bank listed on the Colombo Stock Exchange with an issued share capital of 1.1 billion Sri Lanka rupees (100 rupees = RM3.37). Tiong is a shareholder with 29.9 per cent stake and a board member.
The chairman of Wijaya Baru, Datuk Seri Abdul Azim Mohd Zabidi, is also the chairman of Bank Simpanan Nasional Bhd, while executive director Stephen Bin Abok's banking experience was with Malaysian Banking Bhd, Sabah Region, from 1979 to 1997.
On February 3 2009, Wijaya Baru signed a memorandum of understanding with the government of Djibouti to participate in the development of various projects there, including a beach satellite city at Doraleh, an international university, a medical complex, an up-market residential area, an international school and a national-scale English language development programme.
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