Oxley Holdings to Dispose Off 30% Stake in Oxley Towers

MT Newswires10-02

Oxley Holdings' (SGX:5UX) wholly owned subsidiary, Oxley Rising, entered into a shareholders agreement with Kindway Express (KEL) and Artisan Hospitality (AHSB) to sell off 30% of its stake in Oxley Towers, a filing with the Singapore Exchange said on Tuesday.

Under the agreement KEL and Oxley Rising will invest in the issued share capital of AHSB with stakes of 70% and 30% respectively.

The purchase consideration has been set at 250 million ringgit and will be paid by AHSB within 10 business days following approval from relevant authorities.

Under the agreement, Oxley rising will be appointed to procure, oversee, manage, execute and deliver architectural works, mechanical and electrical works and fit-out works of the luxury hotel for a sum of 200 million ringgit.

The hotel is part of Oxley Towers KLCC development that includes serviced suits, retail spaces and an office block, covering an area of around 24,284 sqm.

Proceeds of the sale from the 30% interest in the hotel will help improve Oxley's cash flow, the filing said.

Price (SGD): S$0.08, Change: S$+0.0010, Percent Change: +1.23%

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