Chip Eng Seng & ARA

Chip Eng Seng & ARA: Injunction against Chip Eng Seng's associate Grange Properties has been dismissed. Grange Properties had issued notices on the 9th of April pursuant to the sale of 10 units in Grange Infinite to Pearl Properties, which requested payment totalling $10.2m within 21 days. Pearl Properties, an associate of ARA Asset Mgmt applied for an injunction but was dismissed in court. The court has decided that unless the payment is made, the sales agreement will be annulled. The amount of $10.2m has to be paid by Saturday, 7 July. ARA has sought an earlier injunction for 2 units but lost the suit as well and eventually paid up. Of note Cheung Kong and ARA’s CEO John Lim divested part of their stake in ARA announced yday though both still control 46.98% in ARA.