Court dismisses Perennial's winding-up application for Capitol entities

Singapore

THE High Court has dismissed Perennial Real Estate Holdings' (Perennial) application to wind up its joint entities with Pontiac Land unit Chesham Properties. These were the entities that developed the Capitol integrated development project.

Judicial Commissioner Kannan Ramesh acknowledged the deadlock between the shareholders, but accepted Chesham's argument that it would not be just and equitable to wind up the companies because there is an exit mechanism available to Perennial under the constitutions of the companies which provide one party to offer to sell its shares to the other at a fair value.