CapitaLand sells remaining stake in Australand
Sale receipt of $970.1m; net gain of $35.7m
CAPITALAND has sold its remaining 39.1 per cent stake in Australand Property Group, reaping it an expected net gain of about $35.7 million.
The Singapore-headquartered property group sold its remaining 226.2 million stapled securities through a secondary placement yesterday at an average price of A$3.75 each, 3.6 per cent below Australand's Tuesday closing price but 5.3 per cent above its last reported net tangible asset.
CapitaLand said it will receive about $970.1 million from the sale, which it will deploy towards its key markets of Singapore and China, and for general working purposes, including the repayment of debt.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Chinese courier giant SF Holding gets regulatory nod for Hong Kong listing
Tencent, Tencent Music to pick up 10% stake in Thailand's GMM Music for US$70 million
Qualcomm says laptop users will leave power bricks behind
SGX reprimands former executive chairman and CEO of Raffles Infrastructure for breaching mainboard rules
Airlines eye ‘new frontier’ of AI ahead of global summit
Brokers’ take: KGI initiates ‘outperform’ on OUE Reit with S$0.309 target price