CapitaLand's stake in CapitaMalls Asia crosses 90%

CapitaMalls Asia is set to be delisted from the Singapore Exchange as the proportion of its shares held by the public falls below 10 per cent. -- PHOTO: ST FILE  
CapitaMalls Asia is set to be delisted from the Singapore Exchange as the proportion of its shares held by the public falls below 10 per cent. -- PHOTO: ST FILE  

SINGAPORE - CapitaMalls Asia (CMA) is set to be delisted from the Singapore Exchange (SGX) as the proportion of its shares held by the public falls below 10 per cent.

Property developer CapitaLand said on Thursday that enough shareholders of CMAhave accepted its offer for the malls company to tip its total stake in CMA to over 90 per cent.

As at 5pm on Wednesday, shareholders holding 11.5 per cent of CMA have accepted CapitaLand's offer to buy CMA at $2.35 per share, bringing CapitaLand's stake in the company to 92.7 per cent.

Accordingly, CMA will be suspended from trading on the SGX and Hong Kong Stock Exchange once CapitaLand's offer for the company closes, it said. The offer is due to close on June 9 at 5.30pm.

Under Singapore's listing rules, CMA's shares may be delisted from the SGX if the percentage of its shares held by the public stays below 10 per cent for three months.

CapitaLand said it intends to make CMA a wholly-owned subsidiary and will not take any steps to preserve CMA's listing status.