CapitaLand to acquire remaining CapitaMalls Asia shares
SINGAPORE — CapitaLand yesterday announced it had acquired a 97.1 per cent stake in CapitaMalls Asia (CMA), crossing the threshold to compulsorily acquire shares that it does not own.
SINGAPORE — CapitaLand yesterday announced it had acquired a 97.1 per cent stake in CapitaMalls Asia (CMA), crossing the threshold to compulsorily acquire shares that it does not own.
This will enable CapitaLand, South-east Asia’s largest listed developer, to take full control of its shopping mall arm and delist it.
CMA shares will be suspended from trading from tomorrow and CapitaLand has submitted an application to the Singapore Exchange for its delisting.
CapitaLand first offered to take CMA private in April by buying over the 35 per cent of the shares it did not already own for about S$3.06 billion, or S$2.22 a share.
CapitaLand said then that the move would allow it to better navigate its core markets amid an increased focus on mixed developments.
Since then, it has steadily increased its stake in CMA and also raised its offer to S$2.35 per share. The offer ends at 5.30pm today.
“CMA shareholders whose valid acceptances are received by the closing date will be paid within 10 days from the date of receipt. The remaining CMA shareholders who have not accepted the offer will receive a letter from CapitaLand on the compulsory acquisition of their CMA shares,” CapitaLand said in a statement yesterday.
Mr Lim Ming Yan, the company’s president and group chief executive officer, said the delisting and full integration of CMA will simplify CapitaLand’s organisational structure and enhance its ability to undertake and optimise integrated developments.
“It will also allow us to further leverage Asia’s consumption and China’s urbanisation trends,” said Mr Lim.