Atiqah Mokhtar Published on Wed, Jun 30, 2021

Oxley Holdings has announced that it has entered into a contract for the sale of a piece of land located overseas for approximately $100 million.

In its filing to the Singapore Exchange (SGX) on June 30, Oxley says the land has a book value of some $60 million as at June 30, 2020, with the sale done under its “ordinary course of business”.

Details on the location of the land or the buyer were not disclosed.

The completion of the sale is conditional upon obtaining regulatory approval to allow greater development of the site within 12 months from the date of the contract.

Oxley states that the sale, if completed by 30 June 2022, is expected to have “a material impact” on the expected earnings per share of the company for the FY2022 ending June.

Shares in Oxley closed down 0.5 cents or 2.13% lower at 23 cents on June 29.