SINGAPORE (Oct 17): Property developer Oxley Holdings managed to raise more than $12 million from the sale of treasury shares to 34 investors for working capital purposes.

Approximately 22.7 million treasury shares in total were sold for $13.4 million. The placement shares represent about 0.77% of Oxley's issued share capital.

The placement price represented an 8.3% discount to the volume weighted average price of 64.34 cents for trades done on Oct 12.

Maybank Kim Eng Securities acted as the placement agent. Investors included Asdew Acquisitions, Island Asset Management, ICH Capital, and various corporate and individual investors.

Oxley's chief executive Ching Chiat Kwong says that the funds raised will put the firm in a good position to seize opportunities arising from a recovering property market in Singapore.

Shares in Oxley closed at 66 cents on Tuesday, up 0.5 cent.