Hot stock: CapitaLand hits high of $4.01 amid active trading
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CapitaLand on Monday announced a corporate restructuring exercise that will see the group split into two.
ST PHOTO: LIM YAOHUI
Leslie Yee
SINGAPORE (THE BUSINESS TIMES) - Shares of CapitaLand jumped as much as 21 per cent to $4.01 in the first minute of trading on Tuesday (March 23), amid active trading.
The counter had closed at $3.31 on Friday and was halted from trading on Monday.
As at 10.02am, the counter was trading at $3.80, up 14.8 per cent or 49 cents. About 46.5 million shares changed hands.
No married deals were recorded, according to ShareInvestor data.
The price movement comes after CapitaLand on Monday announced a corporate restructuring exercise that will see the group split itself into two.
The real estate development business will be placed under private ownership, while the investment management platforms and lodging arm will be consolidated into a newly created listed entity to be called CapitaLand Investment Management (CLIM).
Shareholders of CapitaLand will become shareholders of CLIM, which will be listed on the Singapore Exchange.
Unit prices of CapitaLand Integrated Commercial Trust (CICT) and Ascendas Reit, which were also halted from trading on Monday, faced downward pressure on Tuesday.
As at 10.20am, CICT was down 2.8 per cent or six cents from its Friday close to $2.12. Ascendas Reit fell 2.3 per cent or seven cents from its Friday's close to $3.01.
Shares of property group City Developments were trading at $7.86 as at 10.22am, down three cents or 0.4 per cent, with 1.2 million shares changing hands. The counter closed at $7.89 on Monday.
