Oxley (SGX:5UX) subsidiary Oxley Star agreed to dispose of its entire 10% stake in Beverly Heights Properties to Tong Yun Mong and Sri Choong Yuen Kong of Tong Yuen Keong, according to a Wednesday filing with the Singapore Exchange.
The total consideration for the sale is 22.5 million ringgit.
The purchasers are the majority shareholders, having a 90% stake in Beverly Heights, which is the sole beneficial and registered owner of two pieces of land in Penang, Malaysia.
The disposal is in connection with a joint venture between Oxley Star and Beverly Heights. The JV has been or deemed to be terminated, effective July 30, 2020.
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