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Oxley's Malaysian subsidiary buys 40% of Aspen (Group) Holdings' unit for RM20m

OXLEY Holdings' wholly-owned Malaysian subsidiary has snapped up a 40 per cent equity interest in Aspen Vision Homes Sdn Bhd (AV Homes) for 20 million ringgit (S$6.54 million).

Oxley Holdings (Malaysia)'s interest in AV Homes, a Malaysian subsidiary of Catalist-listed Aspen (Group) Holdings, comprises four million ordinary shares and 16 million redeemable convertible preference shares. Oxley currently holds about 10 per cent in Aspen (Group) Holdings.

Prior to the investment by Oxley, AV Homes was a dormant subsidiary of Aspen (Group) Holdings and had a net tangible asset value of six million ringgit as at June 20, based on its management accounts.

AV Homes holds a 75 per cent equity interest in Aspen Park Hills Sdn Bhd (APH), which is set to acquire freehold land in Penang for 165 million ringgit.

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APH intends to develop a project comprising four residential towers with communal facilities, two serviced apartment towers, lifestyle retail facilities and a clubhouse for residents. 

The other shareholders of AV Homes are Aspen Vision Properties Sdn Bhd (51 per cent), a wholly-owned subsidiary of Aspen (Group) Holdings, and independent third parties Wang Yu Huei (6 per cent) and Lee Chee Seng (3 per cent).