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Oxley Holdings sets up unit in Myanmar

Property developer Oxley Holdings on Tuesday said it has incorporated a subsidiary in Myanmar.

The unit, known as Oxley Consultancy & Management Company, will have an issued and paid-up capital of US$50,000 comprising 50,000 shares of US$1 each, with 49,999 shares held by Oxley Yangon Company - a wholly-owned subsidiary of the group - and one share held by Ching Chiat Kwong, the executive chairman and CEO of the company. The company said Myanmar law requires at least two shareholders.

"The incorporation of the subsidiary is in line with the group's expansion plans," it said.