OXLEY subsidiary, Oxley MK Holdings Vietnam Company, has subscribed for 49 per cent of the charter capital in MK Thao Dien Company for 19.6 billion Vietnamese dong (S$1.14 million).
MK Development Management Company holds the remaining 51 per cent.
MK Thao Dien was incorporated in Vietnam in August last year, and has been dormant since. The plan is for the company to "undertake property development projects in Ho Chi Minh City", Oxley said. Its investment will be funded by internal resources.
In a separate filing to the Singapore Exchange, Oxley said that its joint venture company in Vietnam, Oxley MK Hanoi Joint Stock Company, has seen its capital increase from 20 billion dong to 320 billion dong, with additional shares issued to shareholders of Oxley MK Hanoi in proportion to their shareholdings. Oxley MK Holdings Vietnam has a stake of 20 per cent in the joint venture.
In addition, Oxley MK Holdings Vietnam has acquired 2.88 million shares from one of the joint venture partners, Tran, for some 65.96 billion dong. Therefore, its stake in Oxley MK Hanoi has since risen from 20 per cent to 29 per cent.