Oxley Holdings may spin off overseas property business for Catalist listing

Oxley Holdings is considering restructuring its overseas property business, which may include listing it separately on Catalist.

The company disclosed this late Friday in response to a Singapore Exchange query over the trading activity of its shares.

Oxley shares had climbed by 4.5 cents or 6.6 per cent to 73 cents on turnover of 8.5 million units that day.

In its initial response, Oxley said it was not aware of the reasons for the share activity, save that, it may be due to the successful launch of a property project in London.

Last month, Oxley said it had launched Phase 1 of its premier London waterfront development, Royal Wharf, in London and Singapore to resounding market response, collectively selling more than half of 811 units on the first day of its launch in each location.

Almost all studio apartments - which start at £235,000 (S$495,500) - were sold.

"The company surmises that the successful launch of Royal Wharf may be a possible explanation for the trading."

In a subsequent update Friday night, Oxley's board disclosed that that in conjunction with the development of the Royal Wharf, the company is also "exploring the possibility of restructuring the group's business, in particular, its property development business outside Singapore (including but not limited to, the Royal Wharf), including the feasibility of listing such overseas property development business on the Catalist board".

Oxley has engaged professional advisers to advise on the proposed restructuring.

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