| |
| |
![]() |
| |
|
| |
|
| |
|
SINGAPORE : CapitaLand has gained shareholder approval for plans to list its integrated shopping mall business CapitaMalls Asia, paving the way for its listing by the end of the year.
The new unit will have a portfolio of 86 retail properties valued at S$20.3 billion located across five countries in Asia.
CapitaLand shareholders took time out on Friday morning for an extraordinary general meeting on the group's plans to list its integrated shopping mall business.
While it was clear that the management enjoyed a nice rapport with investors, there were still some concerns to address.
During the hour-long meeting, shareholders raised questions ranging from the exact dividend payout resulting from the sale, to concerns over a possible conflict of interest between the businesses.
Most shareholders Channel NewsAsia spoke to said they were very satisfied with the responses they received.
"We are glad that as a shareholder, we are given overall view of it (and have) better understanding after the meeting. Things like what will CapitaLand be left with after listing the CapitaMalls Asia... (were) addressed," said Michael Khoo, a CapitaLand shareholder.
"I'm here to hear about the future prospects, how is it going to be. I think this listing is good, because by having capital, they can make purchases," said CapitaLand shareholder Teong Chin Poh.
On the special dividend payout, CapitaLand said it would depend on several factors, including the proceeds from the listing and the performance of the CapitaLand Group.
The company also said there would be no impact on the existing trusts that it owns because CapitaMalls Asia is just the new name for an existing retail subsidiary, CapitaLand Retail.
CapitaLand currently also operates CapitaMall Trust (CMT), whose portfolio includes Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura and The Atrium@Orchard.
CMT also owns a 20 per cent stake in CapitaRetail China Trust (CRCT), the first pure-play China retail REIT listed on the Singapore Exchange. - CNA /ls
|
