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Real estate fund manager ARA to sell 205m shares in IPOSINGAPORE : Asian real estate fund manager, ARA Asset Management, plans to sell some 205.2 million shares in an initial public offering in Singapore. The IPO consists of an international placement of 181.9 million shares as well as a public offer of 23.3 million shares. Each share is priced at S$1.15. ARA Asset Management is an affiliate of the Cheung Kong Group. The real estate fund manager plans to use the funds from the IPO to grow its assets under management. Justin Chiu, Executive Director, Cheung Kong, Chairman, ARA Asset Management, says: "We raise some money for our business expansion plan. Half of it (around S$40m) will be used to seed the Asian Dragon Fund. Another S$20m, we will use it as seed money for our other expansion plans. Read more on Channel News Asia...
09:12 AM, October 27, 2007
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