In December 2016, Oxley acquired a 40% stake in Pindan Group Pty Ltd (“Pindan”). This was followed by the acquisition of the remaining 60% of Pindan on 7 October 2019. Pursuant to the acquisition, Pindan had become a wholly-owned subsidiary of Oxley Holdings. Pindan, established in 1977, is a leading property and construction company in Western Australia. Headquartered in Perth, with an annual turnover approximately A$400 million Pindan employs approximately 400 full-time staff with additional office locations in regional West Australia, Brisbane and Sydney. Pindan is the largest semi-detached dwelling builder in Western Australia (the 4th largest nationally), and the largest multiunit builder in Western Australia (the 5th largest nationally). Over recent years Pindan has developed a wide range of projects and presently has over A$1.1 billion current developments in 20 projects, including 1,100 residential units in various stages of development, 930 residential land lots, and 3 land rezoning sites. The combination of Oxley’s expertise in property development, sales and marketing, and Pindan’s experience and local knowledge, will enable Pindan to grow its project portfolio and accelerate its transition from being a major Western Australian builder and developer to a national developer that delivers major projects across Australia. Mr. Ching Chiat Kwong and Mr. Low See Ching are board directors of Pindan Group Pty Ltd.