Home-grown property developer Oxley Holdings said yesterday that it has raised about $12.95 million from the sale of over 22 million treasury shares.

The sale of the treasury shares through Maybank Kim Eng Securities drew about 34 investors, including Asdew Acquisitions, Island Asset Management, ICH Capital and various corporate and individual investors, Oxley said.

The shares were priced at 59 cents each, representing an 8.3 per cent discount to the volume weighted average price of 64.34 cents for trades done on Oct 12.

Oxley said that the net sales proceeds of about $12.95 million will be used for working capital purposes.

Oxley's executive chairman and chief executive, Mr Ching Chiat Kwong, said the funds raised will put the firm in a good position to seize opportunities arising from a recovering property market in Singapore.

He flagged several significant acquisitions the firm has made in the last few months, including properties in former HUDC estates, such as Rio Casa and Serangoon Ville.

Shares in Oxley closed at 66 cents on Tuesday, up half a cent.

BUSINESS TIMES