Oxley Holdings acquired the 60 percent of Pindan Group it didn’t already own for nil consideration to settle its claim over the company failing to meet agreed performance targets, the Singapore-listed property developer said in a filling to SGX Monday.
“Pindan Group has put in place a new senior management team with deep industry experience to drive the business and focus on its core competency in property development and management, fund management and construction,” Oxley said.
The stake, or 45.45 million shares in Pindan Group, was acquired from three other shareholders who aren’t related to Oxley, the filing said.
Prior to the deal, Oxley had held 61.41 million shares in Pindan Group, or a 40 percent stake, the filing said.
In addition, Pindan Group bought back and cancelled 46.66 million shares from two shareholders to settle an around A$24.3 million debt owed to Pindan Group, the filing said.
Pindan Group, which has a net tangible asset value of A$25.8 million as of end-June, has become a wholly owned subsidiary of Oxley Holdings, the filing said.