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Oxley makes Australia property firm Pindan its wholly-owned unit

OXLEY Holdings has acquired the remaining 60 per cent interest in integrated property firm Pindan Group for zero consideration, it said on Monday during the midday break.

The 45.5 million shares in the Perth-headquartered company were transferred to Oxley in settlement of a claim by Oxley relating to Pindan failing to meet agreed performance targets. Oxley did not disclose details of these targets in its filing.

The Singapore real estate developer acquired the shares from three other shareholders of Pindan, who are not related to Oxley.

In conjunction with the acquisition, Pindan has also bought back and cancelled 46.7 million fully paid ordinary shares in its capital from two of its shareholders, to settle a debt of about A$24.3 million (S$22.7 million) owed to Pindan.

Pindan is now a wholly-owned subsidiary of the developer, after the acquisition and share buyback, with Oxley holding all its 106.9 million issued and fully paid ordinary shares.

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The Singapore group had bought a 40 per cent stake in Pindan in December 2017. The Australian firm employs about 400 employees in regional west Australia, Brisbane and Sydney, and has an annual turnover of A$400 million, according to Oxley’s latest annual report filed on Monday.

Oxley said that Pindan has put in place a new senior management team with deep industry experience to drive the business and focus on property development and management, fund management and construction.

Pindan had a net tangible asset value of A$25.8 million, based on its unaudited financial statements as at June 30, 2019.

The acquisition and the share buyback are not expected to have any material impact on Oxley’s earnings per share or net tangible assets per share for the current financial year ended June 30, 2020.

Oxley’s executive chairman and chief executive officer sits on the board of Pindan Group, as well as Galliard (Group) and Aspen (Group) Holdings.

The developer will hold its annual general meeting on Oct 29 at 10am at Novotel & Mercure Singapore on Stevens.

Shares of Oxley were trading flat at 31.5 Singapore cents as at 1.23pm on Monday, after the announcement was released.

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