Price/Tgt: S$3.67/S$4.90 Mkt Cap: S$15,584.5m Daily: Vol 27.5m 1-Yr Hi/Lo: S$4.15/S$1.69
CapitaLand announces the proposed listing of its integrated shopping mall business
CapitaLand has announced its plans to list its integrated shopping mall business under "CapitaMalls Asia Group" (CMA) to provide a transparent valuation benchmark for its retail operations and a investment vehicle for investors seeking opportunities to tap into the growth potential of Asia's rising consumer demand, affluence and spending power over the next few decades.
An initial public offering of CMA Shares at a price above CapitaLand's carrying book value and the estimated Related Transaction Costs will crystallise a gain to CapitaLand and unlock value for its Shareholders. The Offer Price has not yet been finalised.
CapitaMalls Asia will have an interest in as well as manage a Pan Asian portflio of Shopping malls comprising a total of 86 retail properties across 48 cities in five countries in Asia with a total property value of S$20.3b as at 30June 09.Of the 86 retail properties 59 are completed malls with 32 malls in China,16 in singapore,3 in Malaysia,7 malls in Japan and the remaining 29 are in various stages of development in China, India and Singapore
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