Saturday, June 12, 2010

CapitaMalls Asia gets approval to list assets on Bursa Malaysia

SINGAPORE : CapitaMalls Asia (CMA) says it has received approval from the Securities Commission of Malaysia to list its assets across the Causeway.

It says CapitaMalls Malaysia Trust (CMMT) will hold its Malaysia shopping malls and be listed on the main market of Bursa Malaysia.

Some 1.35 billion CMMT units will be listed.

A total of some 786.5 million units will be offered for sale, with CMA retaining a 41.74 per cent in CMMT.

If an over-allotment option of up to 15 per cent of the proposed offering totaling some 117.9 million units is exercised, CMA will retain a stake of 33 per cent in CMMT.

CMA did not reveal the pricing of the shares.

But the Employees Provident Fund Board of Malaysia and Great Eastern Life Assurance Malaysia have signed up as cornerstone investors for the proposed offering.

They will buy 90 million shares, which is 11.4 per cent of the units being offered to investors in Malaysia and overseas.

The cornerstone investors have agreed to pay 1.1 ringgit per unit or the institutional price, whichever is lower.

CMMT will invest in a portfolio of income-producing real estate primarily used for retail purposes and located primarily in Malaysia for the long-term.

Its initial portfolio comprises three shopping malls - Gurney Plaza in Penang, an interest in Sungei Wang Plaza in Kuala Lumpur, and The Mines in Selangor.

The portfolio has a total net allowable area of some 1.88 million square feet.

CMA believes that if listed, CMMT will be Malaysia's largest listed "pure-play" shopping mall REIT by market capitalisation and property value.

CMMT will not be available to retail investors in Singapore.

CMA adds that its decision on whether to proceed with the proposed listing depends on factors, including prevailing market conditions.

No comments:

Post a Comment