Oxley buys back shares as stock tumbles in property stock selloff

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Oxley Holdings said in an SGX filing at midday Friday that it bought back shares as its stock tumbled in a sharp selloff in Singapore property plays after the government introduced surprise fresh property cooling measures late on Thursday.

Shares of Oxley were down 17.07 percent at S$0.34 at the midday break on the SGX, but off their low of S$0.335 earlier in the session.

In the SGX filing, Oxley said it bought back 1 million shares in the market at S$0.335 to S$0.345 each for a total consideration, including other costs, of S$344,682.88.

Since the October 2017 beginning of the share buyback mandate, Oxley has purchased 7.3 million shares, or 0.2476 percent of the issued shares excluding treasury shares, the filing said.

The fresh measures, which take effect on Friday, targeted the additional buyer’s stamp duty (ABSD) and loan-to-value limits. The government also introduced a new ABSD of 5 percent on developers purchasing residential properties to be redeveloped, in a move that appeared aimed at the bubbling en bloc market. The measures were announced by the Monetary Authority of Singapore and the Ministry of National Development in a joint statement on Thursday.

The measures largely surprised the market, particularly after Monetary Authority of Singapore chief Ravi Menon said in a speech on Wednesday only that the three government bodies were “closely monitoring developments in the residential property market.”

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