SINGAPORE (June 5): Oxley Holdings’ wholly-owned subsidiary Oxley Bright has disposed of its entire 18.77% stake in Galliard Group (Galliard) for a total consideration of £30 million (S$52.7 million), according to an SGX filing on Friday.
Oxley Holdings’ interest represents some 7.7 million ordinary shares.
Upon completion of the transaction, Oxley Holdings will cease to be a substantial shareholder of Galliard.
Galliard is a company that is principally engaged in property development and construction, hospitality and management, and oversee mixed-use, residential, hotel and commercial projects across London and southern England.
The sale consideration took into account the outlook of the UK property market arising from Covid-19 and Brexit, the lack of liquidity of shares of a private company, and Galliard’s future expansion needs, which would require more capital contributions from Oxley Holdings.
Oxley says the disposal is part of its plan to streamline its portfolio, divest non-core assets and enhance its financial flexibility, and that the proceeds from the disposal will be used to enhance the company’s cash flow.
Oxley Holdings shares closed 1 cent higher, or 4% up, at 26 cents on Thursday.
