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Oxley unit takes stake in Australian developer

Singapore

A SUBSIDIARY of international property developer Oxley Holdings 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 has subscribed for more than 4.8 million fully paid shares in Pindan Capital Mermaid Beach (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, a wholly owned subsidiary of Pindan Group.

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Oxley Holdings holds a 40 per cent stake in Pindan Group.

PC Mermaid Beach has acquired a 1,417 sq m site in the centre of Broadbeach and Mermaid Beach on Australia's Gold Coast, and intends to undertake a high-rise residential development on the site, subject to getting all 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.