Oxley enters Australia with 40% stake in local construction company
SINGAPORE (Dec 6): Oxley Holdings is acquiring a 40% stake in a Western Australia-based property and construction company, Pindan Group, for A$32 million (S$34 million or RM106.34 million).
Pindan was established in 1977 and boasts an annual turnover of A$500 million and an order book of A$1 billion.
Following the investment, Oxley’s executive chairman and CEO, Ching Chiat Kwong, and deputy CEO, Eric Low, will join Pindan’s board.
This is not the first time Oxley has ventured into a new geographical market through a partnership with a local company. The Royal Wharf project in the UK and the Dublin Landings in Ireland were both developed in partnership with local developers.
As of end September, Oxley had an unbilled contract value of S$2.7 billion, comprising S$0.9 billion from Singapore projects and S$1.8 billion from overseas projects.
Shares in Oxley are trading 0.5 cents lower at 43 cents. — theedgemarkets.com.sg
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