SINGAPORE (Oct 12): Oxley Holdings is selling 22.7 million treasury shares at 59 cents each in a private placement to raise $13.4 million.

Oxley has appointed Maybank Kim Eng Securities as the placement agent.

The placement price represents a discount of 8.3% to the volume weighted average price of 64.34 cents per share for all trades done on Thursday.

Assuming that the shares are fully sold, the placement shares represent 0.77% of the company’s enlarged share capital of 2.9 billion, excluding treasury shares.

The net proceeds of $12.95 million will be used for working capital purposes.

Shares in Oxley closed at 64 cents on Thursday.