Singapore developer Oxley Holdings through its 49 percent-owned associated company Oxley-Worldbridge (Cambodia) has entered into an amendment agreement to acquire all the shares in Cambodian company CityStar Phnom Penh Cottages (CPPC) from three unrelated parties for US$11.26 million (S$14.24 million).
The amendment agreement dated 1 July follows a share sale and purchase agreement (SPA) dated 22 May. Under the agreement, 75 percent and 25 percent of the acquired CPPC shares shall be transferred to the shareholders of Oxley-Worldbridge - Oxley Holdings (Cambodia) and Worldbridge Land (Cambodia) respectively.
Oxley-Worldbridge will also claim ownership of a 6,625 sq m freehold plot zoned for commercial and residential development. The new owner plans to redevelop the site along with its adjoining parcel previously acquired on 14 June.
Lastly, CPPC will be renamed Oxley Ruby (Cambodia).
The latest acquisition is not expected to have material effect on the company's earnings per share or net tangible assets per share for the financial year ending 30 June 2014.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email firstname.lastname@example.org
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