ARA Asset Management has announced that its two biggest shareholders, CEO John Lim and Hong Kong billionaire Li Ka-shing’s Cheung Kong Holdings, have reduced their stakes in the Singapore-listed company.
JL Investment Group, a company controlled by Lim, revealed that its stake in ARA will shrink from 36.45 to 32.4 percent once the sale of the shares is completed.
Meanwhile, Cheung Kong which is Li’s flagship property firm, held 15.6 percent of ARA as of 22 August last year.
According to ARA, the share sale is to “enhance the trading liquidity of ARA shares and to meet investors’ strong demand for ARA shares”.
As of March 2012, ARA manages S$20.8 billion in property assets.
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