Thursday, July 29, 2010

CapitMalls Asia Has S$2.5B-$3B Warchest For Acquisitions

CapitaMalls Asia Ltd. (J58.SG) Chief Executive Lim Beng Chee said the property developer has a S$2.5 billion to S$3 billion war chest that it can use to acquire and build assets in Singapore, China and Malaysia, The Business Times reported Thursday.

The group has about S$1 billion in cash following the listing of its CapitaMalls Malaysia Trust (5180.KU) on the Kuala Lumpur exchange and the sale of Clarke Quay to CapitaMall Trust (C38U.SG), the report said, citing Lim at a media conference.

He also said the group is able to borrow another S$1.5 billion to S$2 billion, which would present "a very good opportunity" for acquisitions.

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