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Oxley Holdings responds to SGX queries on its investment in Australian firm

PROPERTY developer Oxley Holdings provided further details of its recent investment in Australian firm Pindan Capital Mermaid Beach (PC Mermaid Beach), in response to queries from the Singapore Exchange (SGX).

In a filing to the SGX, Oxley said that PC Mermaid Beach was a dormant entity and had a paid-up capital of A$100 (S$104) and no assets, prior to its acquisition of a development site on the Gold Coast, Australia.

PC Mermaid Beach had previously acquired a 1,417 sq m site in the centre of Broadbeach and Mermaid Beach on Australia's Gold Coast, and intends to undertake a high-rise residential development on the site, subject to getting all regulatory approvals.

The aggregate consideration of A$4.85 million for the investment in PC Mermaid Beach, comprising 4.85 million fully paid ordinary shares, was based on the issue price of A$1 per subscription share. The subscription shares constitute 25.5 per cent of the total issued share capital of A$19 million.

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The consideration has been fully paid upon the subscription of the subscription shares, said Oxley.