Singapore-based property developer Oxley Holdings Ltd announced that it has incorporated a subsidiary in Myanmar in line with the group’s expansion plans.
The subsidiary – Oxley Consultancy & Management Company Limited – will have an issued and paid-up capital of $50,000 comprising 50,000 shares of $1 each, the company said in a stock exchange filing.
Of the total, 49,999 shares are held by Oxley Yangon Company Limited, a wholly -owned subsidiary of the group, and one share is held by Ching Chiat Kwong, executive chairman and CEO of the company. Myanmar law requires at least two shareholders.
Oxley said the incorporation is funded by internal resources and not expected to have any material impact on the net tangible assets per share or earnings per share of the company for the current financial year ending June 30.
Last September, Oxley signed an agreement to develop a 20-storey commercial and residential development, Min Residence, in Mayangon township in northern Yangon. The project, which will be on a 3,185-acre (1,289 hectare) plot of land owned by U Yang Ho, will take about three years to finish.