High Court allows S$80 million sale of GSM Building to LHN’s Coliwoo
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THE High Court has granted the sale of GSM Building to LHN unit Coliwoo for S$80 million, after finding there was no evidence that the transaction lacked good faith.
In a written judgment released on Friday (Apr 19), Judicial Commissioner Christopher Tan dismissed the objections from the minority owners who had objected to the sale as they felt the price was too low.
According to Tan, the minority owners claimed that the Collective Sales Committee (CSC) had given Coliwoo an unfair preference over other potential buyers and failed to get the best price for GSM Building.
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