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Oxley Acquires 40% Interest In Malaysia’s Aspen Vision Homes

A subsidiary of SGX-listed Aspen (Group) Holdings (AGH), AV Homes holds a 75 percent stake in Aspen Park Hills Sdn Bhd (APH), which entered into a RM165 million ($54 million) deal to acquire a freehold site measuring 29.05 acres in Paya Terubong, Penang, Malaysia.

APH plans to develop the site into “four residential towers with communal facilities, two service apartment towers, lifestyle retail facilities and a clubhouse for the residents”, said Oxley in an SGX filing.

Other shareholders of AV Homes are Lee Chee Seng (three percent), Wang Yu Huei (six percent) and AGH’s fully-owned subsidiary, Aspen Vision Properties Sdn Bhd (51 percent).

Meanwhile, Oxley currently owns about 10 percent of the issued share capital of AGH.

Oxley does not expect the investment to materially affect its earnings per share or net tangible assets per share for the current financial year ending 30 June 2019.

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