CapitaLand shares to cease trading from Sept 10

SHARES of CapitaLand C31 : C31 0%will change hands for the last time at the close of Sept 9, 2021 before they are suspended from 9am the following day, announced the property giant in a regulatory filing after market close on Monday.

The company's transfer books and register of members will officially close at 5pm on Sept 14, ahead of the group's expected delisting from the Singapore Exchange on Sept 21.

CapitaLand shareholders in August voted in favour of the group's restructuring plan, which was first announced by the group on March 22 this year. The move involves privatising its development arm and listing its fund-management and property-investment business, CapitaLand Investment (CLI). This will see the group operating as two distinct entities - the new, listed unit CLI, and the privatised CapitaLand Development.

The scheme of arrangement received approval from 97.6 per cent of the number of shareholders holding approximately 99.8 per cent in value of the total number of shares voted.

In its latest announcement, CapitaLand said the scheme was sanctioned by court on Monday.

Under the scheme, CapitaLand shareholders will receive one CLI share, S$0.951 in cash as well as 0.155 unit in CapitaLand Integrated Commercial Trust for every one CapitaLand share held. The implied value per share for CapitaLand shareholders is S$4.102.

A NEWSLETTER FOR YOU

Tuesday, 12 pm

Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

Sign Up

Assuming that the scheme's effective date is Sept 15, the group expects to pay its shareholders the cash consideration on Sept 17 this year.

CLI will be a fully integrated real estate investment manager at its inception, with funds and property management capabilities across multiple asset classes and a spectrum of private and listed funds. CapitaLand's lodging management business, which encompasses the global serviced residence management platform under The Ascott Limited, will also become a part of CLI.

Shares of CLI are expected to list and commence trading on Sept 20, as will odd-lots trades. Brokers DBS Vickers, Phillip Securities and UOB Kay Hian were appointed to facilitate the odd-lots trades from Sept 17 to Oct 15.

As at 11.33am on Tuesday, CapitaLand shares were down S$0.03 or 0.7 per cent at S$4.06.

READ MORE: 

• CapitaLand Investment to bank on multiple engines for growth
• CapitaLand H1 profit up at S$922.2m from S$96.6m on portfolio gains, market recovery
• CapitaLand's restructuring plan is 'fair and reasonable': IFA
• CapitaLand shareholders to hold shares in new investment and lodging entity
• CapitaLand chases faster growth with restructuring, planned listing of CLIM