The largest property developer in Southeast Asia and the parent company of The Ascott Group Limited, which can be found in Singapore, is still keeping quiet about what it holds for the fund raising issue as regards to rights.
During the filing to the stock exchange, the company in question, CapitaLand, has opened up its official declaration as having no decision yet about the fund. This declaration came up despite various proposals that the property development company has received and is still receiving with regard to fund raising for rights.
One reason why the property development company does not wish to give a decision or comment is possibly because of the effects brought by the global economic crisis in Singapore. The company has entered a difficult financial period then and is expecting a slow down or lessening of property sales in the coming year. Last year, CapitaLand’s net profit had fallen by 26 percent during the third quarter.
Much of the company’s stakes are controlled by Singapore’s sovereign fund Temasek. This investment company, which is controlled by the Singaporean government, holds 40 percent of CapitaLand and had declared that the company had 4.2 billion dollars by the end of the third quarter last year. Temasek Holdings became a source for controversy last 2006 when it vied for acquisition of Shin Corporation which is owned by the family of the Thai prime minister, Thaksin Shinawatra.
As of Friday, CapitaLand had fallen by 5.2 percent and experienced more traded counters as compared to other companies in the Singapore Stock Exchange.