CapitaLand Ltd , Southeast Asia's biggest property developer, said it has offered S$3.06 billion (1.46 billion pounds) to buy out minority shareholders in its 65-percent owned CapitaMalls Asia Ltd business.
In a deal that would simplify its corporate structure and taking advantage of a discount valuation at the unit, CapitaLand said on Monday it's offering S$2.22 per share in CapitaMalls, a shopping malls operator. That represents a 23 percent premium to last Friday's CapitaMalls closing share price of S$1.80.
Trading in both CapitaMalls and CapitaLand, 39-percent-owned by Singapore sovereign investor Temasek Holdings , was halted from the start of trading on Monday pending an announcement.