CapitaLand To Stop Trading Tomorrow Ahead Of Development Arm Privatisation
The move comes as CapitaLand looks to privatise its property and development arm.
On 22 March 2021, shareholders voted in favour of the company’s proposed restructuring, which would see the group operating as two separate entities: newly listed CapitaLand Investment (CLI) and privatised CapitaLand Development.
97.6% of shareholders holding 99.8% in value of total number of shares voted in favour of the restructuring.
CapitaLand shareholders will receive one CLI share, SGD 0.951 (USD 0.706) in cash as well as 0.155 unit in CapitaLand Integrated Commercial Trust for each CapitaLand share held.
The implied value per share is SGD 4.102. CapitaLand’s stock price closed at SGD 4.00 on Wednesday.
It certainly seems like a good deal for investors and privatisation at a premium is always encouraging.
CLI shares are expected to be listed and commence trading on 20 September 2021.
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