Oxley Holdings

Aspen eyes transfer to Mainboard; ventures into glove-making business

The recommendation comes after the group registered a $296.3 million loss for 2H20 ended June on August 28.

The group registered total losses of $280.6 million for FY20, from the earnings of $96.8 million in FY19.

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 has shored up its balance sheet after selling a commercial property for a handsome profit. But chairman Ching’s immediate challenge is to sell all its project units and launch a regional development fund to tap bigger opportunities.

“Oxley is comfortable with its current cash position and is still keen to reward shareholders with a special dividend this year,” say RHB Securities’ analysts.

Frasers Centrepoint Trust, Sasseur REIT and Oxley Holdings are among the stocks to watch this week.

"Cash flow survival is key," analysts say. Oxley has $150 million of bonds maturing in May 2020, which are expected to be redeemed with existing cash.

Based on its effective stake in all these projects, it will be able to recognise $2.4 billion in revenue in the coming two years, said Oxley on April 6.

Fu Yu, Oxley and Avi-Tech are a few gems that investors can consider, says Jarick Seet, Head of small and mid caps at RHB.