Company Briefs: Oxley Holdings

Oxley Holdings

Property developer Oxley Holdings has exercised options to purchase all eight units of the Apartment 8 freehold development in the Potong Pasir neighbourhood for $21.53 million in total.

The sellers of the development, which is located at 21 Meyappa Chettiar Road, have already been paid $215,300 in aggregate upon the granting of the options, and a further $861,200 upon Oxley's exercise of the options. The balance will be paid upon completion of the purchase, scheduled to be in March next year.

Oxley says it intends to redevelop the property, which sits on a 898.1 sq m site that is zoned for residential use.

Jubilee Industries Holdings

Catalist-listed precision manufacturer Jubilee Industries Holdings is set to expand its plastic injection mould business by acquiring Honfoong Plastics Industries, the group has said.

Jubilee will fork out $3.5 million under the terms of a sales and purchase agreement announced on the Singapore Exchange website.

This sum comprises $1 million in cash, as well as $2.5 million in almost 55.6 million new Jubilee shares at 4.5 cents apiece.

The Singapore-headquartered Jubilee will add to its mechanical business segment the 93 plastic injection moulding machines at Honfoong's main production plant in Batam, Indonesia.

Alongside the 32 new machines that Jubilee is buying for its Malaysian facilities in Johor Baru, the deal is set to nearly quintuple Jubilee's plastic injection moulding machine count.

The group said it plans to raise its production capacity from 26 units now to 150 machines in its 2018 financial year, which runs till March 31 next year.

Ley Choon Group Holdings

Catalist-listed Ley Choon Group Holdings said it has won a new contract worth $19.6 million from national water agency PUB for the replacement of water mains.

The contract involves the supply and laying of steel potable water pipelines. The project will employ the traditional and proven open, cut and backfill method, which Ley Choon has applied to similar projects before.

When completed, the new pipelines will improve the flow and pressure of water supply to residents and businesses in the respective areas.

A version of this article appeared in the print edition of The Straits Times on December 13, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe