CapitaLand Investment shares debut at $2.95 on SGX

(9CI) takes over from CapitaLand Limited, which on Sept 9 ceased trading at $4.00.
(9CI) takes over from CapitaLand Limited, which on Sept 9 ceased trading at $4.00.ST PHOTO: KUA CHEE SIONG

SINGAPORE (THE BUSINESS TIMES) - Real estate investment manager CapitaLand Investment (CLI) made its trading debut at $2.95 on the Singapore Exchange (SGX) on Monday (Sept 20) under the trading name CapitaLandInvest and stock code, 9CI.

CLI takes over from CapitaLand Limited, which on Sept 9 ceased trading at $4 and will delist from the SGX at 9am on Tuesday.

For every 100 CapitaLand shares owned, shareholders received 100 shares of CLI, $95.10 in cash and 15.5 units of CapitaLand Integrated Commercial Trust. The total implied consideration was $4.102 per share, with CLI shares valued at $2.823 each.

CLI's listing comes after CapitaLand Limited restructured its business to form two distinct entities - CLI, the listed real estate investment management business; and CapitaLand Development, the privatised property development arm.

The former had about $119 billion of real estate assets under management as at June 30, 2021, of which more than 80 per cent are located in Asia.

Its real estate funds under management stood at about $83 billion, spanning six listed real estate investment trusts and business trusts and over 20 private funds.

CLI chairman Miguel Koh said in a statement on Monday before the stock market opened: "Today's listing of CLI marks yet another milestone in CapitaLand's transformation journey. We remain unwavering in our focus to create long-term shareholder value and enhance our global competitiveness.

"The ride ahead for CLI is an exciting one, filled with opportunities and potential as more global capital flows into Asia and the market increasingly appreciates the value of Asia-based real estate investment managers.

"While challenges are inevitable, we are confident that the indomitable winning mindset of the ONE CapitaLand ecosystem will set us apart from all our peers. We will continually innovate and thrive amidst adversities, as seen in how we have persevered to complete this major restructuring during and in spite of Covid-19," he added.

Mr Koh added that CLI's board and management intend to continue the company's "journey of proactively enhancing (its) already-strong foundation" in real estate investment and management.

The company's newly assembled leadership council includes Mr Lee Chee Koon, who spearheads CLI as group chief executive and executive non-independent director; group chief financial officer Andrew Lim; and Mr Manohar Khiatani as CLI's senior executive director.


Mr Lee Chee Koon. PHOTO: CAPITALAND GROUP