Australand Property Group, a wholly-owned subsidiary of CapitaLand, has announced that it will be delisting from the Singapore Exchange (SGX) by 11 October 2011.
The developer of retail and commercial land projects chose to delist after deliberating on the costs and benefits of operating two listings.
“The group has applied for voluntary delisting of its securities from SGX and has been informed by SGX that it has no objection to the group’s proposed delisting,” Australand said in a statement.
A general meeting (GM) will not be conducted to get the approval of its security holders, since SGX does not require it.
Meanwhile, security holders of Australand SGX securities can trade their securities until 7 September, sell it to the Australian Securities Exchange (ASX) via security sales during an exit offer, or opt out and have their SGX securities transferred from the Central Depository Pte Ltd (CDP) to the Australian register. Eligible security holders can also request for the transfer of their securities via CDP to ASX.
CapitaLand is confident that the delisting will not have any effect on the group’s net tangible assets or earnings per share for the financial year ending 31 December 2011.
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