Pindan Group secures major international investor

Pindan Group has formed a long-term financial partnership with international developer Oxley Holdings Limited (Oxley) as part of a restructure to deliver future growth in Australia.

Oxley is a Singapore publicly listed property developer (SGX-ST: 5UX) with operations in nine countries throughout Asia and Europe. Oxley will acquire 40% of Pindan Group Pty Ltd and today made a formal announcement to the SGX regarding its investment in the company.

The sale of a significant minority shareholding to Oxley is the next step in a corporate restructure for Pindan that has resulted in ownership of all its business units being consolidated under Pindan Group Pty Ltd.

The strategy driving the restructure is the Board’s desire to achieve its vision of becoming a national property group with the financial strength, experience and skills to deliver major projects across Australia. It will enable Pindan to grow its project portfolio and accelerate its transition from being a major Western Australian builder and developer to a national developer that also has a significant construction business on the west and east coasts of Australia.

Oxley’s investment in Pindan is approximately $72 million, comprising the acquisition of shares and equity commitments to assist in securing exciting new development projects. Oxley’s direct involvement in Pindan will deliver significant additional capital strength and direct access to major Asian investors and capital markets.

Pindan will continue to operate as an integrated property group providing a wide range of development, property, construction and maintenance services.

Director David Pringle said that Pindan was excited by the opportunity to formalise Oxley’s involvement in the company and the Board was delighted with the strong relationship that has been formed between the two groups during 2016.

“Over 40 years, Pindan has achieved enormous growth and diversification, but we have made a strategic decision that the best way to realise our full potential in Australia is to have a major partner directly involved in the company’s ownership structure,” Mr Pringle said.

“Oxley has been interested in the Australian property sector for some time and has sought to make its entry into the market alongside a substantial and experienced partner. The investment in Pindan provides Oxley with a direct interest in a growing company, with a proven track record, and many national development opportunities.”
David Pringle, Managing Director, Pindan Capital

Pindan’s investment and funds management arm, Pindan Capital, has 23 current development projects with sales revenue in excess of $1.2 billion. Pindan Capital has raised approximately $360 million in capital for investment into its projects.

Oxley senior directors Ching Chiat Kwong, Executive Chairman and CEO, and Eric Low See Ching, will join George Allingame and David Pringle on the Board of Pindan Group Pty Ltd.

Pindan’s executive management team, business unit management and staffing will remain unchanged and responsible for the company’s day-to-day operations.

Mr Ching Chiat Kwong commented, “Overseas projects have made important contributions to Oxley’s steady performance and growth. Through forging strong partnerships with reputable developers and business partners, Oxley has built up a business presence across nine geographical markets today, including the United Kingdom, Ireland, Cambodia, Malaysia, Indonesia and China, among others.”

“Australia is a huge property development market that has been on our radar screen to explore and venture into. Pindan is a leading, mature property and construction company with a strong management, in-depth local expertise and proven delivery record. We are confident that the partnership and synergy between Oxley and Pindan will lead to attractive business opportunities that benefit both parties.”

As of 30 September 2016, Oxley had unbilled contract value of S$2.7 billion, with S$0.9 billion from Singapore projects and S$1.8 billion from overseas projects.

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About Pindan Group Pty Ltd

Established in 1977, Pindan has grown to become one of the leading property and construction companies in Western Australia and more recently expanded to other states in Australia, including New South Wales and Queensland.

Pindan is a privately owned group based in Western Australia. The founding Directors George Allingame and David Pringle remain active in the business in senior executive roles.

The group has annual turnover in excess of A$500m pa with more than A$800 million work on hand with between 20 – 25% involving Pindan developments and the remainder being contracts with other developers and State, Federal and Local Governments. Pindan has more than 400 full-time staff working in its various business units.

The group is ranked as one of the top 20 largest commercial construction companies in Australia; the largest semi-detached dwelling builder in Western Australia, and 5th largest nationally; the largest multi-unit builder in Western Australia, and 4th largest national; as well as the 4th largest home builder in Western Australia, and the 12th largest nationally.

More information at www.pindan.com.au

About Oxley Holdings Limited

Oxley Holdings Limited is an international property developer based in Singapore with a diversified portfolio including property development, property investment and project management. Oxley is listed on the Main Board of the SGX-ST and has a market capitalisation of approximately S$1.3 billion.

The Group currently has a business presence across nine geographical markets including Singapore, the United Kingdom (the “UK”), Ireland, Cambodia, Malaysia, Indonesia, China, Japan and Myanmar.

Since Oxley’s incorporation in March 2010, the Group has launched a portfolio of 32 projects, and completed 23 projects.

It is currently developing a waterfront township development in London, UK and two mixed-use developments in Phnom Penh, Cambodia. Oxley’s developments are typically located in choice areas that are easily accessible. Most of its projects incorporate retail elements, and lifestyle features and facilities.

More information at www.oxley.com.sg