SINGAPORE, April 14 CapitaLand Ltd,
Southeast Asia's biggest property developer, said it had
launched an offer worth S$3.06 billion ($2.45 billion) to take
complete ownership of its 65-percent subsidiary CapitaMalls Asia
CapitaLand is offering S$2.22 in cash, a 23 percent premium
to CapitaMalls' closing share price of S$1.8 on Friday. Trading
in both the shares was halted on Monday pending an announcement.
"Delisting CMA enables greater alignment between CapitaLand
and CMAs's business strategies by focusing resources on highest
overall project returns," CapitaLand said in its statement to
the Singapore exchange on Monday.
Singapore sovereign investor Temasek Holdings owns 39
percent of CapitaLand.
CapitaMalls, which manages 105 shopping malls, earned 43
percent of its revenue from China last year, 32 percent from
Singapore, and most of the remaining from Japan and Malaysia.
Morgan Stanley and Credit Suisse are advising CapitaLand on
($1 = 1.2481 Singapore Dollars)
(Reporting by Anshuman Daga and Saeed Azhar; Editing by Himani