Oxley clinches stake in Vietnam residential project through $16.2 mil acquisition
SINGAPORE (Dec 14): Oxley Holdings has acquired a stake in a residential project at Dong Nai province, Vietnam.
The acquisition was made through wholly-owned subsidiary, Oxley Vietnam, which entered into a sale and purchase agreement on Wednesday to acquire 100% ownership of Centra Cove.
Incorporated in Singapore, Centra Cove engages in the business of property development and investment holding.
Centra Cove holds 75% of the licensed charter capital of Vietnam-incorporated Phu Thinh Land Company (PT Land) of which only 16.81% of the charter capital has been paid up.
PT Land is jointly developing a residential project at Dong Nai province with a state-owned construction and development company under the auspices of the municipal government.
The aggregate consideration for the proposed acquisition of US$12 million ($16.2 million) takes into consideration the group’s assessment of the potential value of the development project to be undertaken by PT Land, says Oxley.
As at March 7, the consolidated net tangible asset value of Centra Cove and PT Land was $2.31 million.
The consideration will be funded by internal funds and bank borrowings.
The sellers of the 10,000 shares with $10,000 share capital in Centra Cove were Phuong Tuan Long and Teou Chun Tong Jason who own respective stakes of 27% and 73% and are unrelated to Oxley.
This story, written by PC Lee for The Edge Singapore, first appeared on Dec 14.
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