by Cheryl Tay
CapitaLand Limited announced a more than one percent increase in its deemed interest in the Ascott Residence Trust (Ascott Trust).
From 48.49 percent, which comprised 544,639,785 units as reported on 31 March last year, the deemed interest grew on 4 May to 49.02 percent, which comprises 556,231,110 units.
The increase was attributed to the issuance of 11,591,325 new Ascott Reit units to Ascott Residence Trust Management Limited (ARTML), which manages Ascott Reit. The issuance was made with a total consideration of around S$12.8 million, in expense for management fees for the period of 1 January 2011 to 31 March 2012.
CapitaLand is deemed to have an interest in the Ascott Reit units held by ARTML, as the latter is a wholly-owned subsidiary of CapitaLand.
Following the increase, no material impact will likely affect the net tangible assets or earnings per share of the CapitaLand Group for the present financial year ending 31 December.
Related Stories:
Top 10 architects, developers recognised at BCI Asia Awards
CapitaLand’s profit rises to S$133.2m in Q1