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Oxley mulls Catalist listing of restructured Malaysian property development business
OXLEY Holdings on Thursday said it is exploring to have its Malaysian property development business listed on Singapore's Catalist board.
This would be part of a restructuring of its property development business in Malaysia, and follows an announcement in April last year to restructure all of Oxley's overseas property development business.
"In view of the uncertainties surrounding the outlook of the global economic growth and financial markets, the directors are of the view that it is prudent to limit the proposed spin-off to the property development activities of the group within Malaysia only," the property company said.
"The company is now exploring the possibility of restructuring the group's property development business in Malaysia, including the feasibility of listing such Malaysian property development business on the Catalist board of (SGX)."
It said that it intends to retain majority control of the listed restructured entity.
"The company has engaged professional advisers to advise on the proposed restructuring. The board wishes to highlight that the proposed restructuring is in its preliminary stages and extensive preparatory work will be involved in due course."