Home > Breaking News > Singapore > Story
Oct 5, 2009
Retail IPO may raise $1.4b <!--10 min-->
CapitaLand says comfortable with listing 20-30 pct of unit
IPO this year or early 2010, depends on mkt condition
CapitaLand aims to raise at least US$1 bln - sources
Shopping mall arm's net asset value is $3.75 bln
<!-- headline one : start --> <!-- headline one : end --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr> </tr> <tr valign="bottom"> <td width="330">
</td> <td width="10">
</td> <td valign="bottom">
CapitaLand Retail Limited will be renamed CapitaMalls Asia Limited. --PHOTO: AFP
</td></tr> </tbody></table>
SINGAPORE - SOUTH-EAST Asia's largest developer CapitaLand will list 20-30 per cent of its shopping mall arm in a Singapore initial public offering that sources said could raise at least US$1 billion (S$1.4 billion).
<table valign="top" align="left" width="200"> <tbody><tr><td class="padr8"> <!-- Vodcast --> <!-- Background Story --> <style type="text/css"> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </style> Luxury spending
CAPITALAND Retail's first-half earnings before interest and tax were S$245 million, and its net asset value as of end-June was S$5.3 billion.
CapitaLand's retail business includes managing property funds such as CapitaMall Trust and CapitaRetail China Trust.
</td></tr> </tbody></table> CapitaLand Retail, a unit owning or managing 86 malls across Asia worth S$20 billion, aims to list its shares this year or early next year, in what will be Singapore's biggest IPO in several years, another sign of the recovery global IPO market. Some analysts said the move would be welcomed by investors, due to the long-term prospects of the company and the quality of its assets, if CapitaLand sets the offering at the right price. 'Conceptionally I think the idea is actually favourable since it has been a while since the issuance of the last real estate investment trust,' said Mr Gabriel Yap, senior dealing director at DMG & Partners in Singapore.
The global market for IPOs has picked up following the rebound in stock markets, though not all offerings in Asia have fared well, given their high valuations. Singapore palm oil firm Wilmar delayed the $3 billion IPO of its China unit last month due to concerns about weakening investor interest.
CapitaLand said on Monday the timing would depend on market conditions. It intends to retain a majority stake in the shopping mall business, which will be renamed CapitaMalls Asia. It declined to give a value of how much it aims to raise.
'I think anything between 20-30 per cent is comfortable,' Mr Olivier Lim, CapitaLand's Chief Financial Officer told a media and analysts' briefing, referring to the size of the stake that the company might float. 'I don't think there's an immediate urgent need for cash, so I don't think we are going to sell a 40-45 per cent stake of the company,' he added. -- REUTERS
Oct 5, 2009
Retail IPO may raise $1.4b <!--10 min-->
CapitaLand says comfortable with listing 20-30 pct of unit
IPO this year or early 2010, depends on mkt condition
CapitaLand aims to raise at least US$1 bln - sources
Shopping mall arm's net asset value is $3.75 bln
<!-- headline one : start --> <!-- headline one : end --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr> </tr> <tr valign="bottom"> <td width="330">
</td> <td width="10">
CapitaLand Retail Limited will be renamed CapitaMalls Asia Limited. --PHOTO: AFP
</td></tr> </tbody></table>
SINGAPORE - SOUTH-EAST Asia's largest developer CapitaLand will list 20-30 per cent of its shopping mall arm in a Singapore initial public offering that sources said could raise at least US$1 billion (S$1.4 billion).
<table valign="top" align="left" width="200"> <tbody><tr><td class="padr8"> <!-- Vodcast --> <!-- Background Story --> <style type="text/css"> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </style> Luxury spending
CAPITALAND Retail's first-half earnings before interest and tax were S$245 million, and its net asset value as of end-June was S$5.3 billion.
CapitaLand's retail business includes managing property funds such as CapitaMall Trust and CapitaRetail China Trust.
... more
</td></tr> </tbody></table> CapitaLand Retail, a unit owning or managing 86 malls across Asia worth S$20 billion, aims to list its shares this year or early next year, in what will be Singapore's biggest IPO in several years, another sign of the recovery global IPO market. Some analysts said the move would be welcomed by investors, due to the long-term prospects of the company and the quality of its assets, if CapitaLand sets the offering at the right price. 'Conceptionally I think the idea is actually favourable since it has been a while since the issuance of the last real estate investment trust,' said Mr Gabriel Yap, senior dealing director at DMG & Partners in Singapore.
The global market for IPOs has picked up following the rebound in stock markets, though not all offerings in Asia have fared well, given their high valuations. Singapore palm oil firm Wilmar delayed the $3 billion IPO of its China unit last month due to concerns about weakening investor interest.
CapitaLand said on Monday the timing would depend on market conditions. It intends to retain a majority stake in the shopping mall business, which will be renamed CapitaMalls Asia. It declined to give a value of how much it aims to raise.
'I think anything between 20-30 per cent is comfortable,' Mr Olivier Lim, CapitaLand's Chief Financial Officer told a media and analysts' briefing, referring to the size of the stake that the company might float. 'I don't think there's an immediate urgent need for cash, so I don't think we are going to sell a 40-45 per cent stake of the company,' he added. -- REUTERS
