Singapore Dealbook: Oxley buys Aspen stake; Sapphire Universe acquires Primech

Visual of Oxley Holdings portal. 26 October 2015.

Property developer Oxley Holdings has agreed to take a 10.07% stake in Malaysian property development group Aspen Group, while cleaning solutions provider Primech Services & Engineering has been acquired by Sapphire Universe.

Singapore’s Oxley takes 10% stake in Malaysian developer Aspen

Property developer Oxley Holdings has inked an agreement with Catalist-listed Aspen Group to take a 10.07% stake in the Malaysian company, The Star Malaysia reports.

Oxley, the report said, has agreed to subscribe for 97 million shares at an issue price of S$0.24 apiece, valuing the stake at S$23.28mil ($18 million).

The fund raised from the deal will be used for acquiring land banks, future developments and working capital, the company said.

It added that both companies may enter into joint ventures to develop projects in Malaysia or co-invest in suitable property development projects in the region.

Aspen is a property development group based in Malaysia with a focus on developing affordable residential and mixed development properties.

Sapphire Universe buys Primech for undisclosed sum

Cleaning solutions provider Primech Services & Engineering has been acquired by Sapphire Universe at an undisclosed sum.

According to an official announcement, the acquisition is led by a Hong-Kong-led consortium, comprising, among others, Hong Kong-based investment group STI Financial Group (STI) and private investor Ho Kin Wai.

Primech will serve as territorial headquarter for Sapphire Universe in Asia post-acquisition. However, the core management team at Primech, led by CEO Sng Yew Jin and COO Vernon Kwek will continue to lead the company..

Founded in 1988, Primech offers commercial cleaning, pest control and stewarding services in multiple sectors, such as airport, hotels, hospitals, schools, town councils, condominiums and government buildings.

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