CapitaLand gained the approval of its shareholders to list CapitaMalls Asia, its integrated shopping mall business, paving the way for its listing in the Singapore Exchange before the year ends.
The portfolio of the new units will include 86 retail properties priced at S$20.3 billion situated across five Asian countries.
Shareholders of CapitaLand gathered for an extraordinary general meeting on Friday morning to discuss the group’s plan to list its integrated shopping mall business.
Although the management had a pleasant relationship with its investors, there were still some issues that needed to be addressed.
The shareholders raised several queries during the hour-long meeting, ranging from concerns over conflict of interest between the businesses, to the precise dividend payout that will be earned from the sale.
In a news interview, most shareholders expressed their satisfaction with the responses they received.
"We are glad that as a shareholder, we are given overall view of it (and have) better understanding after the meeting. Things like what will CapitaLand be left with after listing the CapitaMalls Asia … (were) addressed," said CapitaLand shareholder Michael Khoo.
"I’m here to hear about the future prospects, how is it going to be. I think this listing is good, because by having capital, they can make purchases," said Teong Chin Poh, another shareholder from CapitaLand.
According to CapitaLand, a special dividend payout will depend on a variety of factors, which includes CapitaLand Group’s performance and the earnings from the listing.
CapitaMalls Asia’s existing trust will have no impact as this integrated shopping mall business is just the new name for CapitaLand Retail, the group’s retail subsidiary, said the company.
At present, CapitaLand also operates CapitaMall Trust (CMT), with a portfolio that includes Junction 8, Tampines Mall, IMM Building, Funan DigitaLife Mall, The Atrium@Orchard and Plaza Singapura.
CMT owns a 20 percent share in the primary pure-play China retail REIT listed on the Singapore Exchange, the CapitaRetail China Trust (CRCT).