ARA Asset Management group CEO John Lim has bought another 1 m shares of his company, just about a month after accumulating 2 m shares.

The latest purchases were made on Sept 27, 28 and 29 at an average of $1.208 apiece.

That brings his direct shareholding to 5.21 million shares, or a 0.68% stake in the company that he co-founded.

He has a deemed interest in 281.1 million shares, or a 36.59%.

His purchases were the first in at least a year, and were made amidst the recent market turmoil. ARA stock has come off from its 52-week high of $1.76 achieved in late May this year.

Currently sporting a market cap of about S$1 billion, ARA is a real estate fund management company that focuses on the management of public-listed real estate investment trusts, REITs.

An affiliate of the Cheung Kong group, ARA manages REITs, private real estate funds, specialist equity funds and offers corporate finance advisory services.

It reported an 18% increase in net profit to S$29.6 million for the six months ended 30 June 2011. Total assets under management soared 36% to a record S$18.8 billion as at 30 June 2011 from S$13.8 billion a year ago.

source:nextinsight