CAPITALAND shareholders at an extraordinary general meeting (EGM) yesterday approved the company’s plan to spin off and list its $20.3 billion retail portfolio – after just one hour.
But many of them were concerned with two issues – how much the special dividend payout from CapitaMalls Asia’s (CMA) listing will amount to, and whether they will get preference when it comes to subscribing for CMA shares.
In response to their queries, CapitaLand’s management said it could not say at present how much the special dividend payout will be.
Market watchers have estimated that if CapitaLand floats a 30 per cent stake of CMA, it could book a pre-tax profit of $800 million to $1.4 billion from the IPO.
Chief financial officer Olivier Lim said the company will only pay dividends from IPO profits, not gross proceeds, and only after setting aside funds to take advantage of opportunities to grow the group’s other business divisions.
The company also reiterated that it will not give existing CapitaLand shareholders preference when it comes to applying for CMA shares. To do so would disadvantage overseas investors, Mr Lim said. Continue reading
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