Oxley to sell S$84 million worth of Vietnam assets

PROPERTY developer Oxley Holdings announced Wednesday (Apr 27) that it is selling 2 assets in Vietnam for a combined S$84 million.

In a bourse filing, the group said it has entered into a memorandum of understanding (MOU) to sell its entire 80 per cent effective stake in Vietnam-incorporated Phu Thinh Land, at a price of 1.05 trillion Vietnamese dong (S$63 million), subject to adjustment as agreed after the purchaser’s appraisal.

“The MOU will be terminated if the parties cannot agree on the terms of the formal agreement,” it said.

Oxley has also entered into a deposit agreement to sell its 30,981 square metre (sq m) land at Thao Dien Ward, Ho Chi Minh City, at a price of 350 billion Vietnamese dong.

The company has an effective interest of 63.9 per cent in the transaction through its subsidiary, Oxley MK Thao Dien.

“The sale transactions are subject to various conditions, including the signing of formal agreements, which may not be fulfilled," Oxley said.

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"The proceeds from the sale transactions, if completed, will contribute positively to the cash flow of the group," it added.

Shares of Oxley closed S$0.002 or 1.1 per cent lower at S$0.18 on Wednesday, before the announcement.