Oxley Holdings deputy CEO raises his stake to 29.78% as share price keeps falling

OXLEY Holdings' deputy chief executive bumped up his stake in the property developer on Monday, as the share price dropped to a fresh 12-month low, with the purchase disclosed in a filing the next day.

Low See Ching paid S$0.295 a share in a market transaction for 300,000 shares, bringing his interest in the company to 27.78 per cent from 27.77 per cent previously.

The company submitted a separate filing later on Tuesday, which corrected its initial statement that Mr Low had upped his stake to 29.78 per cent..

Mr Low's latest buy follows a steady stream of purchases made by the company's directors and management, as the bottom keeps falling out of the market.

He previously bought 500,000 shares at S$0.30 apiece on Nov 15, the day before chief executive Ching Chiat Kwong paid S$0.2969 a share for 1.55 million shares.

The counter is down from its one-year high of S$0.60 a share in January, with a 12-month average of about S$0.441. Along with other industry players, it took a hit in July when shock real estate market-cooling measures were unveiled - slumping overnight by 15.85 per cent to S$0.345 on July 6.

Oxley Holdings has been the worst-performing billionaire stock in the year to Nov 13, the Singapore Exchange noted last week in a report on its My Gateway investor education portal.

The developer's return in that period was negative 40.9 per cent.

Its latest launch, the 548-unit Kent Ridge Hill Residences, sold 116 of the 250 homes on offer during its launch weekend on Nov 10 and 11.

Amendment note: The company submitted a fresh bourse filing that re-stated the shareholding interest as 27.78 per cent. The article above has been revised to reflect this.