CapitaLand's 2 units divest 100% equity interest in Somerset Whitefield Hospitality

CAPITALAND Limited announced on Wednesday that its two wholly owned subsidiaries have divested 100 per cent equity interest in Somerset Whitefield Hospitality Private Limited (SWHPL) to parties unrelated to CapitaLand.

CapitaLand said that the equity interest comprises 7,030,775 equity shares of 10 Indian rupees each and 2,947,190 non-cumulative redeemable convertible preference shares of 100 rupees each. The two selling subsidiaries are Ascott International Management Pte Ltd and Ascott International Management (2001) Pte Ltd.

The consideration was based on the adjusted net asset value of SWHPL as at June 23, 2017 of approximately 347.5 million rupees (S$7.4 million), taking into account, amongst other factors, the agreed land value of 284 million rupees, CapitaLand said.

As a result of the sale, SWHPL has ceased to be a subsidiary of CapitaLand.

The sale 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, 2017.