A bitter power struggle between feuding factions of Singapore's Jumabhoy family for control over Scotts Holdings has ended with both parties losing out.
After a long legal battle, the Jumabhoy family has decided to sell the 50.6 per cent controlling stake in the property and hospitality group it founded 20 years ago.
'Because they cannot stand each other . . . it had become extremely difficult to carry on,' one family member told The Straits Times.
The Sultan of Brunei's Brunei Investment Agency is tipped as the most likely buyer, while state-owned Pidemco Land and Hong Kong's Marco Polo Developments are also seen by analysts as possible contenders.
JP Morgan Securities Asia has been appointed financial adviser for the sale.
The decision to sell could not have come at a worse time for the family.