Ching’s statement added that Oxley’s projects in Kuala Lumpur, Malaysia, and London, United Kingdom are underleveraged. “The Company is of the view that it is not unusual to seek to gear up by leveraging such assets for its general working capital purposes and other opportunities,” the statement says.
In a statement attributed to Oxley Holdings (SGX:5UX
) ’ executive chairman and CEO Ching Chiat Kwong, the property group has clarified a Bloomberg article dated June 6. The article said that Oxley is looking to refinance a bond which matures in July with private credit. The Bloomberg article also said that the group reported total liabilities of $1.4 billion without a reference to total assets ($2.7 billion), and net assets, which as at Dec 31, 2023 stood at more than $911 million.
“The Company would like to highlight that the Group’s total assets amounted to $2.7 billion as at 31 December 2023. The majority of the short-term debts are backed by assets and will be refinanced. The Group has since pared down its loan and brought down its net gearing ratio to 1.38x as of 31 March 2024,” Ching says in the statement.
