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First Sponsor Group Filed Appeal Against Humen Oasis Mansion Units' Court Ruling; Shares Up 5%

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First Sponsor Group's (SGX:ADN) subsidiaries have filed an appeal with the Dongguan Intermediate People's Court challenging earlier judgments on the residential units in the Humen Oasis Mansion Project, according to a Monday filing to the Singapore stock exchange.

The company's shares were up nearly 5% in Tuesday's trade.

The company said it will "vigorously defend" its position and update investors.

A July 20 order by the Dongguan No. 2 People's Court was not in favor of the company, and it ruled that the project company and its subsidiaries "engaged in malicious collusion" for the sale and purchase of the residential units, making the transactions invalid.

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