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Oxley's subscription for Aspen shares via strategic partnership deal closes

Singapore-listed Oxley Holdings Ltd. said its S$23.3 million agreement for shares in Malaysian developer Aspen (Group) Holdings Ltd. has completed, with the placement shares issued May 21.

The cross-border strategic partnership transaction, in which 97 million new ordinary Aspen shares were issued at 24 Singapore cents apiece, gives Oxley a 10.07% stake in the issued and paid-up share capital of Aspen, according to a release.

The agreement was announced May 2 and is expected to give Oxley a stronger foothold in Malaysia and access to Aspen's strategic partnerships with IKEA Southeast Asia and LG Electronics Inc.

As of May 21, US$1 was equivalent to S$1.34.