SINGAPORE (Feb 2): Oxley Holdings says wholly-owned subsidiary, Oxley Holdings (Cyprus), and Planetvision Properties (CY) have incorporated a joint venture company, Oxley Planetvision Properties, in Cyprus.

The JV company will undertake property development in Cyprus.

Planetvision is a newly formed company which is part of the “Kyprosat” group of companies, specialising in structuring, assessing, promoting and implementing large scale property projects in Cyprus.

The JVC has an initial issued and paid-up capital of EUR10,000 (S$15,225) (RM47,863), comprising 10,000 shares, of which each of Oxley Holdings Cyprus and Planetvision holds 5,000 shares.

The incorporation of the JVC was funded by internal resources and is not expected to have any material impact on the NTA per share or EPS of the company for the current financial year ending June 30, 2017.

Shares of Oxley are trading at 47.5 Singapore cents. — theedgemarkets.com.sg