Oxley stock has risen 54% so far this year, from 23 cents to 35.5 cents. Chart: BloombergAMONG THE most fervent buyers of their company stock this year are a duo from Oxley Holdings -- executive chairman Ching Chiat Kwong and non-executive director Eric Low.This year, Ching, 46, has already bought 5,688,000 shares of Oxley, raising his direct stake in the property developer to 11.93%.
Ching Chiat Kwong, executive chairman of Oxley. Photo: annual reportThat stake (351.6 million shares) is worth about S$125 million currently.As for Eric, 37, he has bought 7,515,000 shares of Oxley, lifting his direct stake to 7.68% (226.4 million shares) which is worth S$80 million.
The duo jointly own a vehicle, Bullish Investment Pte. Ltd, which owns 1.5 billion shares, or 51% of the company. The stake is worth S$533 million.
These are indeed very wealthy shareholders: Between them, they control 70.61% of the company with $1.1 billion market capitalisation.
Eric, by the way, is CEO of listed Hafary Holdings, which distributes tiles and building materials, and it is the biggest player (with $63 million in sales in FY12) in a very fragmented industry in Singapore.
Oxley stock has risen 54% in the year to date, buoyed by strong operating results in addition to a strong pipeline of property projects that are under construction.
Oxley non-executive director Eric Low. NextInsight file photoNet profit surged 105% to $31.2 million for the nine months ended 31 March 2013. The 9M13 earnings has also surpassed the $16.9 million recorded for the financial year ended 30 June 2012.
SIAS Research, which is the only house covering Oxley Holdings, has an "increase exposure" recommendation on the stock, valuing it at 44.5 cents.
Oxley is aggressively developing residential, industrial and commercial properties in Singapore. A standout transaction recently was its purchase of Pinetree Club in Stevens Road to redevelop the site into a hotel-cum-commercial-cum-clubhouse complex.
And it has started to spread its wings overseas with recent land deals in Kuala Lumpur, Selangor and Cambodia.
More details of the 9M2013 results in the Powerpoint presentation materials here.
Postings in the NextInsight forum on Oxley can be found here
Comments
Noted that Ching is the sole shareholder of Galaxy, Hume, etc. He is so hardworking! Still running his private companies to do construction while his Oxley baby is going everywhere so aggressively in property development.
INTERESTED PERSON TRANSACTION
2. Mr Ching Chiat Kwong, who is a controlling shareholder of the Company holding 23.57% of the issued and paid-up capital of the Company, is also a director and sole shareholder of each of Galaxy Builders Pte Ltd ("Galaxy Builders"), Hume Construction Pte Ltd ("Hume Construction") and Oxley Construction Pte Ltd ("Oxley Construction"). Galaxy Builders, Hume Construction and Oxley Construction are incorporated in Singapore and their principal activities are as follows:-
(a) Galaxy Builders is principally engaged in, inter alia, general contracting, building
construction, other business support services and the provision of mechanical, electrical
& general contractor engineering services;
(b) Hume Construction is principally engaged in, inter alia, general contracting and building
construction; and
(c) Oxley Construction is principally engaged in, inter alia, building construction, provision
of interior design and interior consultancy services and interior decoration services.
As such, Galaxy Builders, Hume Construction and Oxley Construction are associates of Mr
Ching Chiat Kwong and are therefore each an Interested Person for the purposes of Chapter 9
of the Catalist Rules. Accordingly, any transactions entered into between the Hafary Group and each or all of Galaxy Builders, Hume Construction and Oxley Construction would be interested persons transactions, and subject to Chapter 9 of the Catalist Rules.
3. The Hafary Group had from time to time supplied products to Galaxy Builders, Hume Construction and Oxley Construction for use in their respective development projects (the "Interested Persons Transactions"). The Interested Persons Transactions entered into by the Hafary Group did not previously exceed the relevant thresholds set out in Chapter 9 of the Catalist Rules. Details of the Interested Persons Transactions entered into by the Hafary Group in the current financial year, from 1 July 2011 to 16 May 2012 (the "FY2012