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CapitaLand’s stake in CapitaMalls Asia crosses 80% mark

SINGAPORE — CapitaLand’s stake in CapitaMalls Asia (CMA) has crossed the 80 per cent mark, bringing it closer to attaining full control of its shopping mall arm.

SINGAPORE — CapitaLand’s stake in CapitaMalls Asia (CMA) has crossed the 80 per cent mark, bringing it closer to attaining full control of its shopping mall arm.

CapitaLand, South-east Asia’s largest developer, now controls about 81 per cent of CMA, after taking into account open-market purchases and acceptances of the offer as at 5pm on Tuesday, it said in a statement yesterday. On May 16, it increased its offer for CMA to S$2.35 per share and said the offer was unconditional. CMA shareholders who accepted the offer before May 16 will get the higher offer price. CapitaLand had previously offered S$2.22 per share before adjusting it downwards to S$2.2025 to take into account a dividend payment.

“CapitaLand is committed to delisting CMA and we are confident we will achieve this objective. The proposed delisting and full integration of CMA is in line with our ‘One CapitaLand’ strategy to enhance our long- term competitiveness,” said group chief executive officer, Mr Lim Ming Yan, in a statement.

“The group will be well-positioned to deepen and strengthen our ability to undertake and optimise integrated developments with the simplified structure,” he added.

CMA is one of Asia’s largest shopping mall developers and operators, with interests in more than 100 shopping malls across Singapore, China, Malaysia, Japan and India.

CHANNEL NEWS ASIA

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