SINGAPORE (Oct 29): Ching Chiat Kwong, executive chairman and largest shareholder of Oxley Holdings, has entered the market again to buy more shares as prices keep trending down after the July round of property cooling measures.

On Oct 19, Ching bought 500,000 shares at 31 cents each, bringing his direct shareholding to nearly 1.67 billion shares. Coupled with another 10.56 million deemed shares, Ching owns 41.49% of the company. On the same day, Eric Low, Oxley deputy CEO, bought 200,000 shares, also at 31 cents apiece, bringing his total stake to 1.12 billion shares, or 27.14%. A day earlier, both Ching and Low had also acquired Oxley shares. Ching snapped up 481,700 shares at 31 cents each, while Low bought 200,000 shares at 31.5 cents each. On Oct 23, Low bought another 200,000 shares at 30.5 cents each.  

Year-to-date, Oxley shares have dropped more than 43% to close at 31 cents on Oct 24. At Ching’s most recent purchase price at the same level, Oxley shares are trading at just 4.3 times historical earnings and 0.9 times its book value. For Oxley shareholders, this is unfamiliar territory. All along, the stock has traded above book value, reaching just a shade below two times in January this year. The share price started dipping below book value in mid-July.  

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