Perennial Real Estate appeals against Court's decision to dismiss winding-up application for Capitol entities

SINGAPORE (March 21): Perennial Real Estate Holdings announced that it has filed appeals on Monday over the High Court's decision earlier this month to dismiss the winding-up applications for three joint entities that holds the assets of Capitol Singapore.

Last April, Perennial filed a Court application to wind three of its associated companies that hold the assets of Capitol Singapore.

The associated companies are Capitol Investment Holdings, Capitol Retail Management and Capitol Hotel Management.

The three entities together hold the assets of Capitol Singapore, an integrated development located at the junction of Stamford Road and North Bridge Road.

Perennial wanted the associated companies wound up as “the shareholders and management of the Capitol entities are in deadlock and that their relationship has been adversely affected such that the shareholders cannot realistically continue to work together constructively”.

However, Perennial on March 3 announced that the Court had dismissed the applications.

Perennial owns an effective 50% stake in each of the associated companies, and ultimately, in the Capitol project. Chesham Properties, on the other hand, holds the remaining 50% shareholding in the Capitol entities and the project.

Shares of Perennial Real Estate ended a Singapore cent lower at 82.5 Singapore cents on Monday. — theedgemarkets.com.sg

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