Oxley announces sale of land in Vietnam for $28.3 mil

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The proceeds from the sale, if completed, will contribute positively to its cashflow, Oxley says

Property developer Oxley Holdings has announced a sale of land in Ho Chih Minh City, Vietnam for about VND480 billion ($28.3 million) via its associate, MK Thao Dien Project.

Oxley has a 36% interest in the associate, and a refundable deposit of VND47.5 billion had been received for the proposed transaction, which has an area of 2,952.22 square metres.

Upon signing a formal agreement for the transaction, VND144.5 billion will be received by MK Thao Dien Project. The remaining sum of the sale price will be received by the completion of the transaction.

Oxley says this transaction is subject to various conditions, including the signing of a formal agreement, which may not be fulfilled. The proceeds from the sale, if completed, will contribute positively to its cashflow.

Shares of Oxley closed at 18 cents on Aug 15, 2.17% lower or down 0.4 cent.

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