- POSTED: 21 May 2014 16:01
- UPDATED: 21 May 2014 16:07
Southeast Asia's largest developer is one step 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.
Southeast Asia's largest developer CapitaLand now controls approximately 81.3 per cent of CMA, after taking into account open market purchases and acceptances of the offer as at 5 pm on Tuesday (May 20), it said in a statement on Wednesday.
On 16 May, CapitaLand increased its offer for CMA to S$2.35 per share and said the offer was unconditional.
CMA shareholders who had accepted the offer prior to 16 May 2014 will get the higher offer price.
CapitaLand had previous offered S$2.22 per share - subsequently adjusted downwards to S$2.2025 to take into account a dividend payment.
"CapitaLand is committed to delisting CMA and we are confident that 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," Group CEO Lim Ming Yan said 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 developer and operator, with interests in over 100 shopping malls across Singapore, China, Malaysia, Japan and India.