Channel NewsAsia

CapitaLand's stake in CapitaMalls Asia crosses 85%

This brings the developer move closer to the 90 per cent level need to delist its shopping mall arm.

SINGAPORE: CapitaLand has raised its stake in CapitaMalls Asia (CMA) to 85.2 per cent, bringing it closer to crossing the 90 per cent level that would enable it to delist its shopping mall arm.

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.

"We are pleased with the positive response towards our final offer price of S$2.35 per share for CMA shares," Capitaland, Southeast Asia's biggest developer, said in a statement on Tuesday (May 27).

"We are optimistic that we will achieve the objective to delist CMA. With the proposed delisting and full integration of CMA, CapitaLand will be able to further harness the key strengths of our businesses in residential, shopping malls, offices, serviced residences and integrated developments to better position us for the future," it added.

CapitaLand's offer for CMA will close on June 9.

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