SINGAPORE - Oxley Holdings executive chairman and chief executive Ching Chiat Kwong bought more than 11 million company shares on the open market from Tuesday to Thursday for $3.9 million, joining the company's deputy chief executive in a bout of buying activity this week.
On Tuesday, Mr Ching purchased 8.4 million shares over three transactions at per-share prices of between 34.76 Singapore cents and 35.02 Singapore cents.
On Wednesday, he bought a further 1.8 million shares at 35.61 Singapore cents apiece.
This was followed by two transactions on Thursday, which saw Mr Ching pick up another one million shares at 36 Singapore cents apiece.
On average, Mr Ching acquired the shares at a per-share price of about 35.1 Singapore cents. The transactions took his total stake in Oxley, a property development company, to 41.45 per cent from 41.23 per cent.
Mr Ching is not the only Oxley executive who has been buying up shares in the wake of new property market cooling measures announced last week. On Tuesday and Wednesday, Oxley deputy CEO Eric Low bought 2.97 million shares on the open market for $1.05 million, or an average share price of 35.4 Singapore cents.
Mr Ching and Mr Low's share purchases came after the introduction of higher buyer's stamp duties and tighter loan-to-value limits sent Oxley's shares to their steepest ever one-day decline. The stock closed flat on Thursday at 36 cents.