Oxley joint venture to acquire two Cyprus incorporated firms

OXLEY Holdings Limited announced on Tuesday that the group's 50 per cent-owned joint venture company has entered into a sale and purchase agreement to acquire the entire issued share capital each of Flitous Properties Limited and Jemina Properties Limited from Bank of Cyprus Public Company Limited.

According to a press release by the mainboard-listed company, the total consideration for the proposed acquisition by Oxley Planetvision Properties Ltd is 28 million euros (S$41.7 million), of which 2.8 million euros has been paid to the Bank of Cyprus upon the signing of the agreement.

Oxley Holdings said that the balance amount will be paid on completion of the deal which is to take place by April 15.

Flitous Properties and Jemina Properties are companies incorporated in Cyprus. They are the registered legal and absolute owners of certain properties located in Limassol, Cyprus, with total areas of 70,771 square metres and 25,677 square metres, respectively, and have no business activities.

Based on the valuation report dated April 10, 2017, the market value of the properties is 30.69 million euros. Oxley Holdings' share will be funded by internally generated funds.