Oxley unit disposes of 18.8% stake in UK developer Galliard for £30m

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PROPERTY developer Oxley Holdings on Friday said its wholly-owned subsidiary, Oxley Bright, has disposed of its entire 18.77 per cent stake in Galliard Group for some £30 million (S$52.9 million). Read more at The Business Times.

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Proceeds from the disposal, which have been fully paid to Oxley Bright, will be used to enhance the group's cash flow.

Oxley Holdings said the sale is part of the group's plan to"streamline its portfolio, divest non-core assets and enhance its financial flexibility". "In undertaking the disposal, the group has considered the limited cash flow returns to the group since the acquisition of the shares in 2015, the future expansion needs of the Galliard Group, and the outlook of the UK property market arising from Covid-19 and Brexit, which may impact the value of the existing land bank and future selling prices," Oxley Holdings said.

Following the completion of the disposal, Galliard has ceased to be an associated company of the group.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

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