Oxley Holdings revealed plans to restructure its property development business in Malaysia, and have it listed on the Catalist board of the SGX.
Notably, the group announced in April 2014 its plans to restructure all its overseas property development businesses.
“In view of the uncertainties surrounding the outlook of the global economic growth and financial markets, the directors are of the view it is prudent to limit the proposed spin-off to the property development activities of the group within Malaysia only,” it said in an SGX filing.
As such, the company is “now exploring the possibility of restructuring the group’s property development business in Malaysia, including the feasibility of listing such a property development business on the Catalist board of the Singapore Exchange Securities Trading Limited (SGX-ST)”.
The company noted that it intends to retain majority control of the listed restructured entity, adding that it has engaged professional advisers to aid it in the proposed restructuring.
“The board wishes to highlight that the proposed restructuring is in its preliminary stages, and extensive preparatory work will be involved in due course,” it said.
Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email cheryl@propertyguru.com.sg
