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CapitaLand's subsidiaries, associates divest stakes in six malls in India; 2 Reits make board changes
CAPITALAND Limited said its subsidiaries and associates have agreed to divest their respective stakes in six malls in India and in the property manager of these malls for S$71.5 million.
The six malls, which are each held under six special purpose vehicles, are sold to Prestige Retail Ventures Limited. They are located in Bangalore, Mangalore, Hyderabad, Mysore, Cochin and Udaipur, the group said on Friday.
The 50 per cent equity interest in CapitaLand Retail Prestige Mall Management Private Limited (CRPMM), which manages the properties, was sold to Prestige Estates Projects Limited.
Based on CapitaLand's effective equity interest in the special purpose vehicles and CRPMM, CapitaLand's effective share of the sale is 1.57 billion rupees (S$32.7 million).
This transaction is expected to be completed in the first quarter of 2018, and is not expected to have any material impact on the net tangible assets or earnings per share of the group for the year ending Dec 31, 2017.
Upon completion, the special purpose vehicles and CRPMM will cease to be subsidiaries or associates of CapitaLand.
Separately, the management of two CapitaLand-sponsored Reits announced on Friday changes on their boards of directors.
The newly appointed non-executive directors at CapitaLand Retail China Trust Management Limited are former country head and chief operating officer of Barclays Bank, Kuan Li Li; CapitaLand group chief financial officer Andrew Lim; and Ascott CEO Lee Chee Koon. They replace outgoing directors Ng Kok Siong and Jason Leow.
Mr Lee will be appointed group chief investment officer of CapitaLand Limited with effect from Jan 1, 2018, relinquishing his current role at Ascott.
CapitaLand Retail China Trust Management Limited also appointed Chuo Cher Shing as its new company secretary to replace outgoing secretary Audrey Lee Ju Lin.
Over at CapitaLand Commercial Trust Management Limited, Quek Bin Hwee, Ng Wai King and Lee Chee Koon are appointed new non-executive directors to replace Dato' Mohammed Hussein, Goh Kian Hwee and Tay Boon Hwee. It has also appointed new company secretary, Audrey Lee Ju Lin.
Mrs Quek was most recently vice-chairman of PricewaterhouseCoopers Singapore and an audit partner for over 25 years; Mr Ng is presently managing partner of WongPartnership LLP.