Any company that has overseas ownership greater than 50% needs FIRB approval before they buy existing residential property. Generally if it is existing property, FIRB APPROVAL IS NOT GIVEN. If Grange has mucked this up then FIRB has the power to direct that the property is compulsorily disposed. In my opinion, watch this space. I think Grange has been very sloppy in establIshing this JV.
AGM Questions., page-3
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