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Singapore's ARA and Australia's Cromwell clash in shareholder spat

Bloomberg
Bloomberg11/28/2019 08:14 AM GMT+08  • 3 min read
Singapore's ARA and Australia's Cromwell clash in shareholder spat
(Nov 28): A spat between an Australian property manager and a Singapore rival that’s become its biggest investor is set to intensify when shareholders meet in Brisbane on Thursday.
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(Nov 28): A spat between an Australian property manager and a Singapore rival that’s become its biggest investor is set to intensify when shareholders meet in Brisbane on Thursday.

Australia’s Cromwell Property Group will adjust the makeup of its board at the annual general meeting, and it’s urging shareholders to vote against the election of Gary Weiss, who is backed by Singapore’s ARA Asset Management Ltd.

The nomination comes as ARA pursues a campaign to change Cromwell’s business strategy and boost the stock’s value. Cromwell argues that ARA is trying to exert control without paying for the privilege, and with a future listing in mind.

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