CapitaMalls Asia to be delisted on July 22

The facade of Bedok Mall. Shopping mall owner CapitaMalls Asia (CMA) will be delisted from the Singapore Exchange mainboard on July 22, its parent CapitaLand said in a statement on Thursday, July 17, 2014. -- PHOTO: ST FILE
The facade of Bedok Mall. Shopping mall owner CapitaMalls Asia (CMA) will be delisted from the Singapore Exchange mainboard on July 22, its parent CapitaLand said in a statement on Thursday, July 17, 2014. -- PHOTO: ST FILE

SINGAPORE - Shopping mall owner CapitaMalls Asia (CMA) will be delisted from the Singapore Exchange mainboard on July 22, its parent CapitaLand said in a statement on Thursday.

It will also be delisted from the Hong Kong Exchange and become a wholly owned unit of CapitaLand that day.

CMA owns malls including Ion Orchard and Bedok Mall in Singapore.

CapitaLand, Singapore's biggest developer, had offered $2.22 per share in April this year to buy out minority shareholders of CMA.

CapitaLand said on Thursday that it had that day exercised its right to compulsorily acquire the remaining shares of CMA that it did not buy during its takeover offer for CMA.

It obtained the right to compulsorily acquire the remaining shares after it bought enough shares in CMA for its stake to reach a threshold of 96.5 per cent.

Mr Lim Ming Yan, president and group chief executive of CapitaLand, said in the statement that taking CMA private would let the group grow faster globally.

CapitaLand shares closed flat at $3.25 on Thursday.