SINGAPORE (Apr 13): Property developer Oxley Holdings is putting new projects on hold as it aims to conserve cash to ensure its survival amid the Covid-19 pandemic. But analysts are optimistic that the company will be able to ride out the challenging times ahead.

“[Oxley’s] primary goal is to conserve and accumulate cash to settle the maturing debt,” says Timothy Ang, a credit analyst at Phillip Securities Research, in a note on April 13.

“Key loans to note are corporate debt and bonds, which have to be paid at maturity,” he adds. “$150 million of bonds maturing in May 2020 are expected to be redeemed with existing cash.”

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