Oxley buys 40% stake in Malaysian developer for $6.56m

This comprises four million ordinary shares and 16 million redeemable convertible preference shares.

Oxley Holdings’ Malaysian arm has invested $6.56m (MYR20m) for a 40% equity interest in Aspen Vision Homes (AV Homes), comprising four million ordinary shares and 16 million redeemable convertible preference shares, a filing with the Singapore Exchange (SGX) revealed.

AV Homes is a subsidiary of Catalist-listed Aspen Group Holdings (AGH). Oxley already holds approximately 10% of the issued share capital of AGH. The other shareholders of AV Homes are Aspen Vision Properties (51%), a wholly-owned subsidiary of AGH, and Wang Yu Huei (6%) and Lee Chee Seng (3%), both independent third parties.

Also read: Oxley forms JV with Malaysian developer Aspen

The announcement also noted that AV Homes holds a 75% equity interest in Aspen Park Hills (APH), which has entered into a conditional sale and purchase agreement to acquire freehold land of 29.05 acres in Paya Terubong, Penang, Malaysia for $54.16m (MYR165m).

“APH intends to develop a project comprising four residential towers with communal facilities, two service apartment towers, lifestyle retail facilities and a clubhouse for the residents,” Oxley noted.

Prior to the investment by Oxley, AV Homes was a dormant subsidiary of AGH and had a net tangible asset value of $1.97m (MYR6m) as at 20 June.