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.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia