Oxley Holdings’ fully-owned Malaysia unit has acquired a 40 percent equity interest in Malaysia-based Aspen Vision Homes Sdn Bhd (AV Homes) for RM20 million ($6.56 million). Prior to Oxley’s investment, AV Homes was a “dormant subsidiary of AGH and had a net tangible asset value of RM6 million as at 20 June 2019, based on its management accounts”.
A subsidiary of SGX-listed Aspen (Group) Holdings (AGH), AV Homes holds a 75 percent stake in Aspen Park Hills Sdn Bhd (APH), which entered into a RM165 million ($54 million) deal to acquire a freehold site measuring 29.05 acres in Paya Terubong, Penang, Malaysia.
APH plans to develop the site into “four residential towers with communal facilities, two service apartment towers, lifestyle retail facilities and a clubhouse for the residents”, said Oxley in an SGX filing.
Other shareholders of AV Homes are Lee Chee Seng (three percent), Wang Yu Huei (six percent) and AGH’s fully-owned subsidiary, Aspen Vision Properties Sdn Bhd (51 percent).
Meanwhile, Oxley currently owns about 10 percent of the issued share capital of AGH.
Oxley does not expect the investment to materially affect its earnings per share or net tangible assets per share for the current financial year ending 30 June 2019.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org