CapitaLand to acquire remaining CapitaMalls shares

Singapore property giant CapitaLand has crossed the shareholding threshold that will allow it to compulsorily acquire the remainder of CapitaMalls Asia (CMA).

As at 5pm on 6 June, CapitaLand and concert parties own or have agreed to buy 97.1 percent of CMA’s issued share capital — above the 97.02 percent level that will allow the compulsory acquisition, a spokeswoman said on Sunday.

CMA shares will be suspended from trading on Tuesday, and CapitaLand has submitted an application to the Singapore Exchange to de-list its shopping mall arm.

CapitaLand wants 100-percent control of its shopping mall arm to simplify its group structure so that it can more easily embark on mixed development projects.

Before it began its privatisation bid, the Singapore developer owned about 65 percent of CMA, which has interests in more than 100 shopping malls across Singapore, China, Malaysia, Japan and India.

Source : Channel NewsAsia – 8 Jun 2014

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