CapitaLand shares to stop trading from Sept 10

CapitaLand shares were down three cents or 0.7 per cent at $4.06.
CapitaLand shares were down three cents or 0.7 per cent at $4.06.PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - Shares of CapitaLand will change hands for the last time at the close of trading on Thursday (Sept 9) before they are suspended from 9am the following day, the property giant said in a regulatory filing on Monday evening.

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 last month 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, $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 $4.102.

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 three cents, or 0.7 per cent, at $4.06.