CapitaLand Ltd. incorporated two wholly owned subsidiaries in Singapore and Australia, respectively, as a part of its current business development strategy.
Balsamine (S) Pte. Ltd was established in Singapore for investment holding purposes, with one ordinary share priced at S$1. The Australian incorporation involved Balsamine (Brisbane) Pty. Ltd. which was also established for investment holding, with each share priced at A$1.
CapitaLand said in a release that the establishment of the subsidiaries would not affect the net tangible assets or earnings per share of the group for the financial year ending Dec. 31, 2016.
As of Dec. 21, US$1 was equivalent to S$1.44 and A$1.38.