Shopping mall developer and operator CapitaMalls Asia says it has submitted an application for a secondary listing on the mainboard of the Hong Kong Stock Exchange.
CapitaMalls says the secondary listing will complement its China expansion strategy and enable the company to achieve its longer-term strategic objectives.
China currently accounts for 37 percent of CapitaMalls Asia’s total property portfolio by property value.
The firm says it has sufficient resources to fund its expansion and has no immediate need to raise equity, but adds that the listing will enhance its capital management flexibility.
CapitaMalls says the secondary listing will also widen its investor base and enhance its attractiveness to investors in Hong Kong and mainland China.
By being listed in both Singapore and Hong Kong, the firm will attract more research coverage which will help raise its profile and market visibility.
Source : Channel NewsAsia – 28 Mar 2011