On May 5, Oxley Holdings executive chairman and chief executive officer Ching Chiat Kwong acquired 20 million shares at S$0.140 per share. This followed his acquisition of 20 million shares on Apr 28 and increased his direct interest in the home-grown property developer from 43.12 per cent to 43.59 per cent.

On April 28, Oxley Holdings executive chairman and CEO Ching Chiat Kwong acquired 20 million shares at S$0.140 per share. This increased his direct interest in the home-grown property developer from 42.65 per cent to 43.12 per cent.

 

Oxley Holdings maintains a business presence in seven geographical markets, which include Singapore, the United Kingdom, Ireland, Cambodia, Malaysia, China, and Cyprus.

 

Ching is responsible for the formulation of corporate strategies, charting future growth plans and driving the overall performance of the group.

 

He possesses more than 20 years of property industry experience. Prior to establishing the group, he invested in, developed, and successfully launched 13 residential property projects in various parts of Singapore.

 

He noted in February, with Oxley&rsquo s first-half results for the fiscal year ending June 30, 2023, that the group saw opportunities in the year ahead but would take cautious steps and continue to strengthen its financial position with the disposal of non-core assets to focus on the development projects in developed markets.

 

As at Dec 31, 2022, Oxley Holdings maintained cash and cash equivalents of S$152.9 million and a gearing ratio of 1.89, compared with cash and cash equivalents of S$143.9 million and a gearing ratio of 1.99, as at Jun 30, 2022.

 

From its incorporation in March 2010, through to Dec 31, 2022, the company has launched a portfolio of 51 projects and completed 41 projects. Most of its projects incorporate retail elements, lifestyle features and facilities.

 

Ching&rsquo s keen business acumen and astute ability to identify market trends and business opportunities have enabled him to lead the group&rsquo s expansion into the development of industrial and commercial projects in addition to residential properties. The 2010 year also saw Ching listing Oxley Holdings on the SGX Mainboard.

 

As he highlighted back in September 2021, one of the key lessons Oxley Holdings learnt over the past decade was to pick a strong partner, and the group maintains a strategy to enter into joint ventures or strategic alliances with good partners for the pooling of financial resources and management expertise in project developments. Ching affirms that this significantly reduces the risks undertaken by the group.

 

Among the multiple international development projects, Oxley Holdings maintains a 90 per cent effective stake in Dublin Arch with an expected Temporary Occupation Permit (TOP) in 2025 a 50 per cent effective stake in Riverscape in the UK which expects a TOP in 2024 a 75 per cent effective stake in The Peak in Cambodia with a TOP in 2023 and a 45 per cent effective stake in Trinity Wellnessa in Malaysia which is pending a TOP in 2025.

 

The group does maintain 100 per cent stakes in some international projects as well, and that includes Oxley Towers KLCC in Malaysia which expects a TOP in 2024.

 

Meanwhile, the group highlighted on Feb 1 that as at Jan 3 more than 99 per cent of its Singapore development projects had been sold. As at Dec 31, the group had a total unbilled contract value of S$1.4 billion, of which approximately S$1.1 billion was attributable to the projects in Singapore and approximately S$0.3 billion was attributable to overseas projects.

 

Oxley Holdings has also been conducting share buybacks this year, buying back 12.5 million shares on the current mandate which represents 0.30 per cent of its issued shares (excluding treasury shares). The group&rsquo s shareholders first approved the share purchase mandate at the extraordinary general meeting held in October 2015 to enable the company to purchase or otherwise acquire issued shares, with the mandate renewed at subsequent annual general meetings.

 

Oxley Holdings maintains that the rationale for its share buybacks is threefold.

 

Firstly, it provides the company with a mechanism to return surplus cash over and above its ordinary capital requirements and investment needs to its shareholders in an expedient and cost-efficient manner.

 

Secondly, the share buyback mandate allows the directors to exercise greater control over the company&rsquo s share capital structure, dividend policy and cash reserves, with a view to enhancing the net tangible assets and/or earnings per share.

 

Thirdly, the purchase or acquisition of shares under the share purchase mandate can help to mitigate short-term share price volatility by stabilising the supply and demand of issued shares and offset the effects of short-term share price speculation, thereby supporting the fundamental value of the issued shares, and bolstering shareholder confidence. As noted in February, the group remains focused on repositioning and growing its business, pushing ahead on the path towards full financial recovery.

 

PROPERTY developer Oxley Holdings is inviting holders of its outstanding S$75 million fixed rate notes to exchange their existing notes for new notes to be issued at a higher coupon rate.

 

The existing notes are currently paying a 6.5 per cent coupon and are due to mature on Feb 28 this year.

 

Meanwhile, the new notes for exchange are expected to bear an annual interest rate of 7.5 per cent, with a maturity date falling on or about Aug 24, 2023.

 

They are expected to be issued on Feb 24, after the issuer announces the aggregate principal amount of the new notes around Feb 20.

 

The exchange consideration will be at S$250,000 in principal amount of the new notes, with accrued interest.

 

It comprises a principal amount of the new notes at 100 per cent of the principal amount of the offered notes which have been accepted for exchange, together with an amount in cash equal to the accrued and unpaid interest for offered notes accepted for exchange. 

 

The cash portion of the consideration will be paid around Feb 24 when a global note certificate is also expected to be issued in respect of the new notes.

 

Existing noteholders will have until noon on Feb 17 to apply for the exchange, and pricing of the additional new notes is expected to be announced on or about Feb 20.

 

In a bourse filing on Monday (Feb 6), Oxley said its exchange offer comes in response to the interest of major noteholders who would like to extend their bond investment and remain invested in the group.

 

Additional new notes to be issued will be fungible and shall consolidate into the Series 003 notes, which are under the group&rsquo s US$1 billion guaranteed Euro medium-term note programme.

 

MAINBOARD-LISTED Oxley Holdings reported on Wednesday (Feb 1) a sharp decline in net profit for its first half on the back of lower revenue and higher finance costs.

 

Net profit for the six-month period ended Dec 31, 2022 fell to S$277,000 from S$23.5 million in the corresponding period a year ago.

 

The group said in the bourse filing that the lower profits were due to &ldquo lower revenue streams coupled with higher finance costs resulting from rising interest rates and lower mark-to-market fair-value gain on derivative financial instruments&rdquo .

 

Revenue fell 13 per cent on year in the first half of FY23 to S$438.4 million, mainly due to the absence of a one-time sale of land parcels in Australia of S$97.1 million in H1 FY22. This was partially offset by higher revenue contribution from Singapore development projects and hotels in H1 FY23.

 

Net asset value per share for the group fell to S$0.2446 as at Dec 31, 2022, down from S$0.2507 as at June 30, 2022.

 

The group had cash and cash equivalents of S$152.9 million and a gearing ratio of 1.89 as at Dec 31, 2022, compared with cash and cash equivalents of S$143.9 million and a gearing ratio of 1.99 as at June 30, 2022.

 

&ldquo Barring any unforeseen circumstances, with the group&rsquo s Singapore development projects expected to achieve Temporary Occupation Permits in 2023, the group&rsquo s net gearing ratio is expected to improve over the next 12 months,&rdquo Oxley said.

 

It noted that more than 99 per cent of its ongoing Singapore development units have been sold as at Jan 3 this year.

 

&ldquo The uncertainties in the global economy and Russia-Ukraine conflict, coupled with rising interest rates have resulted in subdued investments across the globe,&rdquo Oxley chief executive Ching Chiat Kwong said in a statement.

 

He added: &ldquo Oxley sees opportunities but we will take cautious steps and continue to strengthen the group&rsquo s financial position with the disposal of non-core assets to focus on the development projects in the developed markets.&rdquo

 

No dividend has been declared, unchanged from the previous year. The property developer said this was &ldquo in order to preserve the group&rsquo s working capital&rdquo .