Singaporean property developer Oxley Holdings Limited (Oxley) has announced it will acquire full ownership of integrated property and construction company Pindan Group.
After acquiring the 40 percent of the company in 2016, Singapore-listed developer Oxley Holdings will acquire the remaining 60 percent stake of Perth-headquartered company. Founded in 1977, Pindan will continue to operate across Australia.
The acquisition has paved the way for the retirement of Pindan co-founders, Managing Director George Allingame and Director David Pringle.
The Pindan Group executive team will continue to manage the day-to-day operations of the company.
Pindan’s Scott Davison said the acquisition provided the Pindan Group with a renewed strength as it entered its next chapter.
”This is significantly positive for the company. We have a very strong construction order book with a positive outlook for the future and look forward to continuing to work with our valued clients and subcontractors. The executive team thanks George and David for their vision more than 40 years ago, and their outstanding service over many years and wish them well in their next chapter” Scott Davison added.
“We are pleased to acquire full ownership of Pindan Group, an experienced and key player in the Australian property and construction market, as a way of continuing to support its growth alongside ours for the benefit of the community,” said Ching Chiat Kwong, Executive Chairman and CEO of Oxley.
As at end August 2019, Oxley had future progress billings on secured sales to the value of S$3.9 billion, of which S$2.2 billion were from Singapore projects and S$1.7 billion from overseas projects.