CapitaMalls Asia gains approval for listing in Malaysia

CapitaMalls Asia (CMA) has received approval to list its Malaysian property assets on the Malaysian exchange, Bursa Malaysia.

CapitaMalls Malaysia Trust (CMMT) will be the holding entity of its Malaysia-based shopping malls, with some 1.35 billion CMMT units expected to be listed.

An expected 786.5 million units will be offered for sale, with CMA retaining a 41.74 per cent in CMMT.

A book-building exercise started on Friday. CMA said the final prices of the units under the institutional offering and the retail portion will be determined after the book-building exercise.

CMMT’s initial portfolio will contain three malls – the Gurney Plaza in Penang, a stake in the Sungei Wang Plaza in Kuala Lumpur and The Mines in Selangor.

CMMT had said earlier this month it plans to list its Malaysian malls business as a real estate investment trust on the Malaysian exchange in an offering that could raise about one billion ringgit.

Source : Channel NewsAsia – 25 Jun 2010

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