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CapitaLand sets April 12 meeting for S$6B Ascendas-Singbridge deal

Shareholders of CapitaLand Ltd. will meet April 12 at The Star Theatre of The Star Performing Arts Centre at 1 Vista Exchange Green, Singapore, to consider, among other things, the developer's proposal to buy for nearly S$6.04 billion the holding companies of Ascendas-Singbridge Group.

The Singapore-listed property company agreed to buy Ascendas Pte. Ltd. and Singbridge Pte. Ltd. from Temasek Holdings (Pte.) Ltd.'s Ascendas-Singbridge Pte. Ltd. subsidiary Jan. 14 under a transaction valued at S$11 billion. The deal is expected to create Asia's largest diversified real estate group with assets under management surpassing S$116 billion.

CapitaLand shareholders will also consider the company's issuance to Temasek Holdings of 862,264,714 new shares at a price of S$3.50 apiece as part of the deal. It will grow the government-owned holding company's shareholdings in CapitaLand to about 51.0% from approximately 40.8%.

In order to waive the mandatory general takeover offer for the property company that will result from the share issuance, CapitaLand's shareholders will also consider a whitewash resolution during the April 12 meeting.

As of March 21, US$1 was equivalent to S$1.35.