CapitaLand acquires remaining equity interest in DLSP-Ascendas Co for 501m yuan

CAPITALAND said on Thursday that it acquired the remaining 50 per cent stake in DLSP-Ascendas Co, which owns Dalian Ascendas IT Park in China, making it a wholly-owned subsidiary.

The property giant acquired the stake from its joint-venture partner for 501 million yuan (S$103.9 million) through its Singapore wholly-owned subsidiary Ascendas (China), with the view of obtaining full control of Dalian Ascendas IT Park.

The consideration sum took into account the adjusted net asset value of the acquired interest as at March 31, 2021.

In connection with the acquisition, the joint-venture partner has been granted a call option, which it can exercise six months after the date of the conditional equity transfer agreement for the acquisition to repurchase the acquired interest.

The acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand group for the financial year ending Dec 31, 2021.

CapitaLand shares ended 0.55 per cent higher at S$3.68 on Thursday, after this announcement was made.