CapitaLand on Thursday (June 5) announced that it holds more than 90 per cent of the issued shares of CapitaMalls Asia (CMA) – crossing the threshold it needs to delist its shopping mall arm.
CapitaLand said in a press release that it has submitted an application to the Singapore Exchange to delist CMA, and CMA shares will be suspended from trading after on June 9, the close of its offer to buy out minority owners, unless extended.
As at 5pm on June 4, CapitaLand and its concert parties owned, controlled or have agreed to acquire an aggregate of 3,614,324,178 CMA shares – about 92.7 per cent of CMA’s issued share capital.
The Singapore-listed developer had a 65.4 per cent stake when its offer was first announced in April. On May 16, it raised its offer to S$2.35 a share, up from the previous offer of S$2.22.
Said Mr Lim Ming Yan, President and Group CEO of CapitaLand: “It is a key milestone for CapitaLand. With the delisting of CMA, the Group’s simplified structure and ‘One CapitaLand’ strategy will provide us with a strong platform to seize opportunities in integrated developments. We will be able to better leverage resources across the Group’s businesses to maximise overall project returns.”
Shopping mall developer and operator CapitaMalls Asia has interests in more than 100 shopping malls across Singapore, China, Malaysia, Japan and India.
Source : Channel NewsAsia – 5 Jun 2014