CapitaLand proposes scrip dividend scheme, opens star attraction at China mall

PROPERTY giant CapitaLand has proposed a scrip dividend scheme which will allow shareholders to receive their cash dividends in the form of new shares.

The scheme will allow shareholders to participate in the company's shares without incurring brokerage fees, stamp duty and other related costs, CapitaLand said in a regulatory update on Friday.

The cash used to pay out the dividends will be retained to fund the growth and expansion of the company and its subsidiaries while strengthening its working capital position. The new share issue will also enlarge the company's share capital base.

To facilitate the proposed scrip dividend scheme's implementation, CapitaLand is proposing its existing constitution be amended to include a new article.

The new article - 133A - will be set out in a letter to shareholders to be issued on June 5, together with the company's notice of its annual general meeting. This is to seek shareholder approval for the proposed constitution amendment.

In a separate announcement on Friday, CapitaLand said it has opened the 250-metre high Exploration Deck Viewing Gallery at its Raffles City Chongqing shopping mall in China. The Exploration Deck is a star feature of the mall's enclosed skybridge called The Crystal.

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The Crystal is connected to six of Raffles City Chongqing's eight skyscrapers, comprising four 250-metre tall skyscrapers at its base and two adjacent skyscrapers by cantilever bridges.

The developer said that almost all available tickets - 3,000 daily - were snapped up during the star feature's opening weekend.

The Exploration Deck has a glass-bottom deck which CapitaLand said is the highest of its kind in Western China and boasts a 270-degree panoramic view of Chongqing's skyline.

Raffles City Chongqing is located on historic site Chaotianmen, which overlooks the confluence of the Yangtze and Jialing rivers in Yuzhong District. The mall is CapitaLand's single largest development in China at 24 billion yuan (S$4.8 billion).

CapitaLand shares closed at S$3.14 on Thursday, down S$0.06 or 1.9 per cent.