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Real giant CapitaLand rises offer to privatize shopping mall
Last Updated: 2014-05-18 09:21 | Xinhua
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CapitaLand, the Singapore-based real estate giant, on Friday increased the offer for its publicly- listed shopping mall business unit CapitaMalls Asia (CMA).

It rose to 2.35 Singapore dollars (1.88 US dollars) a share from the previous offer of 2.22 Singapore dollars (1.78 US dollars) per share.

CapitaLand owned around 65.3 percent of the shares in CMA as of the previous offer announced on April 14.

CapitaLand and its partners currently hold approximately 70.4 percent of CMA's shares, excluding shares that had been tendered in acceptance of the offer.

The CMA's shareholders who earlier accepted CapitaLand's offer will receive the higher final offer price, and the CapitaLand will not further revise the final offer price.

The property major also announced that the offer has become unconditional, after it obtained consent from the Securities Industry Council to waive the acceptance condition.

Meanwhile, it extended the closing date of the offer to June 9.

CapitaMalls Asia is one of the largest listed shopping mall developers, owners and managers in Asia, with over 100 shopping malls located across more than 50 cities in markets including Singapore, China, Malaysia, Japan and India.

It has an integrated shopping mall business model encompassing retail real estate investment, development, mall operations, asset management and fund management capabilities.

Dual-listed in Singapore and China's Hong Kong SAR, CMA is one of the four main business units of CapitaLand after a realignment of its operations in early 2013, which included CapitaLand Singapore, CapitaLand China, CapitaMalls Asia and the Ascott Limited.

The first two units focus on the Chinese and Singapore markets respectively, while the Ascott Limited focuses on serviced residences.

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