Oxley raises $12.95m via sale of treasury shares

Keshia Faculin19 Oct 2017

Oxley Holdings logo

Singapore-listed Oxley Holdings has raised $12.95 million in net sales proceeds through the sale of 22.75 million treasury shares, revealed an SGX filing on Wednesday (18 October).

The raised amount will be used by the home-grown property developer with a market capitalization of approximately $1.9 billion for working capital purposes.

The treasury stocks were transacted for cash at $0.59 apiece, which represents a discount of 8.3 percent to the company’s volume weighted average stock price of about $0.64 on 12 October.

Based on Oxley’s overall issued shares of around 2.95 billion, including the newly placed treasury shares, earnings per share is expected to reach $0.074 cents for FY2017.

It also stated that the stocks were sold via Maybank Kim Eng Securities on Tuesday (17 October) to about 34 investors, such as ICH Capital, Asdew Acquisitions, and Island Asset Management.

“This placement of our treasury shares attracted a good mixture of prominent investors from institutional funds, corporate and individual investors, which demonstrates the strong confidence investors have in our long-term prospects,” said Oxley Holdings Executive Chairman and CEO Ching Chiat Kwong.

He added that FY2017 has been a terrific year for the company. “With the completions of several major projects which generated good performance, FY2017 has been another year of respectable growth for Oxley. Operationally, we enhanced our profile as a strong property developer, expanded our presence overseas, and improved on our project pipeline.”


This article was edited by Keshia Faculin.


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