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News - Detailed News Story

CapitaLand's acquisition of Ascendas-Singbridge gets overwhelming nod from shareholders

15 Apr 2019 09:00

Over 2,000 shareholders and proxies attended the EGM, where CapitaLand president & CEO Lee Chee Koon shared the strategic benefits of the transaction and addressed their concerns. PHOTO: CAPITALAND

By Nisha Ramchandani

nishar@sph.com.sg

SHAREHOLDERS raised some concerns over CapitaLand's proposed acquisition of Ascendas-Singbridge (ASB) at an extraordinary generating meeting (EGM) on Friday before overwhelmingly giving their blessing for the deal.

The property developer is paying Temasek Holdings nearly S$6.04 billion for industrial and commercial real estate player ASB, although the deal has an enterprise value of about S$11 billion when taking into account some S$5 billion in debt owed by ASB.

Half of the S$6.04 billion will be paid in cash, while the balance S$3.017 billion will be paid in new shares at S$3.50 apiece. This represents a 7 per cent premium over the last traded price on the day before the announcement when CapitaLand's shares closed at S$3.27. Since then, the counter has risen about 11.6 per cent, closing at S$3.65 on Friday. Ascendas' listed trusts - Ascendas Reit, Ascendas India Trust and Ascendas Hospitality Trust - have also seen their unit prices gone up.


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Source: Business Times
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