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Oxley Holdings Ltd Announces Joint Venture With Worldbridge Land Co Ltd

Monday, 15 Jul 2013 06:06am EDT 

Oxley Holdings Ltd announced that the Company had on July 15, 2013 entered into a joint venture agreement (the Agreement) with Worldbridge Land Co Ltd (Worldbridge), pursuant to which the parties (the Parties) shall establish a joint venture company (the Development Company) to develop the land owned by Worldbridge situated at Village 14, Sangkat Tonle Bassac, Khan Chamkamor, Phnom Penh, Cambodia (the Land). Each of the Parties shall hold 50% equity interest in the Development Company, provided that the Company shall be entitled to hold its interest through its subsidiary registered in Cambodia. The Land has an area of approximately 10,152 square metres and a mixed property development shall be undertaken thereon, subject to obtaining all relevant approvals from the authorities (the Proposed Development). Under the Agreement, Worldbridge shall contribute the Land towards the joint venture and shall retain the legal title to the Land throughout the course of the Proposed Development. Legal title to the Land shall pass to the buyers of the Proposed Development upon the completion of the sale thereof. The Company shall pay the first USD35 million of any expenditure incurred in connection with the Proposed Development (the Project Cost). Any additional funding of the Project Cost shall be borne by the Company and Worldbridge in equal shares. 

Company Quote

0.0050 +0.89%
24 Oct 2014