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Oxley unit subscribes to stake in Australia firm

INTERNATIONAL property developer Oxley Holdings' subsidiary has taken a 25.5 per cent stake in an Australian firm.

The mainboard-listed group on Wednesday said in a filing with the bourse operator that Oxley Australia Pty Ltd subscribed for over 4.8 million fully paid shares in Pindan Capital Mermaid Beach Pty Ltd (PC Mermaid Beach), which has an issued share capital of A$19 million (S$19.7 million).

The remaining share capital comprising 14.2 million shares is held by Pindan Capital Investments Pty Ltd, a wholly owned subsidiary of Pindan Group Pty Ltd. Oxley Holdings holds a 40 per cent stake in Pindan Group.

PC Mermaid Beach has acquired a 1,417 square metre site in the centre of Broadbeach and Mermaid Beach on the Gold Coast, Australia and intends to undertake a high-rise residential development on the site, subject to obtaining all relevant regulatory approvals.

The investment in PC Mermaid Beach is in line with Oxley Holdings' expansion plans.

The group said that this investment will be funded by internal resources and is not expected to have any material impact on its net tangible assets per share or earnings per share for the current financial year ending June 30, 2018.