May 22, 2014

    CapitaLand moves closer to delisting CMA

    CAPITALAND has shored up its stake in its shopping-mall unit CapitaMalls Asia (CMA), Southeast Asia's largest property developer said yesterday.

    It said in a regulatory filing with the Singapore Exchange that it had secured 3.17 billion shares - or about 81.3 per cent of CMA's issued share capital - by Tuesday evening.

    This was after it had purchased 37.5 million shares at $2.35 apiece on Tuesday and had received acceptances amounting to 150.4 million CMA shares.

    "CapitaLand is committed to delisting CMA and we are confident that we will achieve this objective," said Lim Ming Yan, president and group chief executive of CapitaLand.

    The announcement follows CapitaLand's move to raise its offer from $2.22 apiece to a final price of $2.35 apiece on Friday.

    The firm also said that its offer was unconditional - in other words, no longer dependent on securing acceptances that would lift its holding to more than 90 per cent.

    Ahead of the move, CapitaLand had increased its stake in CMA from 65.3 per cent to 70.4 per cent through acquisitions on the open market.

    Investors have up to June 9 to accept CapitaLand's offer, but those who have tendered their shares at $2.22 will automatically receive payment at the higher price.