CapitaLand completes compulsory acquisition of Ascott

Property developer CapitaLand has completed the compulsory acquisition of the Ascott Group, a serviced-apartments operator.

From 28 April, Ascott becomes an indirect wholly-owned subsidiary of the company.

It will be delisted from the Singapore Exchange with effect from 29 April.

CapitaLand said the privatised Ascott will enhance the company’s competitive advantage of having a fully integrated real estate and financial services value chain across sectors.

It will also increase cost savings through greater sharing of services and resources with CapitaLand’s other unlisted business units. – CNA/vm

Source : Channel NewsAsia – 28 Apr 2008

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