Long-stop date for CMT-CCT merger extended

The long-stop date for the proposed merger between CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) has been extended from Sept 30 to Nov 30.

Both real estate investment trusts (Reits) will hold their respective unit holder meetings on Sept 29 to seek approval for the proposed deal.

CMT will hold its extraordinary general meeting (EGM) at 10.30am, CCT at 2pm and its trust scheme meeting at 2.30pm, the trusts said yesterday.

Unit holders will be able to observe the proceedings via a live audio-visual webcast or a live audio-only stream. Questions can be submitted in advance.

CMT unit holders who want to register for the EGM and submit questions must do so by 10.30am on Sept 26, while CCT unit holders must do so by 2pm on the same day.

The independent directors of the managers have recommended that unit holders vote in favour of the proposed merger.

Mr Tony Tan, chief executive of CMT's manager, said: "The overarching trend towards mixed-use precincts and integrated developments emphasised in the Urban Redevelopment Authority Master Plan 2019 is now expected to accelerate post-Covid-19.

"The rationale of the proposed merger therefore remains valid, and has been reinforced by the impact of the pandemic."

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on September 05, 2020, with the headline 'Long-stop date for CMT-CCT merger extended'. Print Edition | Subscribe