CapitaLand sells remaining stake in Australand to refocus on Singapore, China
Published on Mar 19, 2014 9:41 AM
Singapore property group CapitaLand has divested its remaining 39.12 per cent stake in Australand Property Group as it reinforces its focus on Singapore and China, the developer said on Wednesday.
CapitaLand placed out 226.2 million stapled securities of Australand for A$848.8 million (S$970.1 million) in total, or an average price of A$3.75 each. This was a 3.6 per cent discount to the closing price of Australand's stapled securities on Tuesday.
The Singapore developer expects to recognise a net gain of about $35.7 million after the transaction is completed.
It said Australand's strong share price performance in recent months made it a good time to sell the stake.
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