Surbana Corporation restructured into two businesses
Residential development business to be integrated into CapitaLand China Consultancy business to embark on expansion plan
Singapore, 1 April 2013 – CapitaLand Limited (“CapitaLand”) today announced the restructuring of Surbana Corporation’s residential development and consultancy businesses. The residential development business will be integrated into CapitaLand China.
Prior to the restructuring, CapitaLand and Temasek held their respective stakes of 40% and 60% in the residential development and consultancy businesses through Surbana Corporation. With the restructuring, CapitaLand and Temasek will hold their respective stakes of 40% and 60% in the consultancy business separately from their respective stakes of 40% and 60% in the residential development business.
The consultancy business has announced plans to break into new sectors in Singapore and expand its presence in the key markets of China, Middle East, Southeast Asia, Africa and Latin America. This is part of its aim to achieve rapid growth and become a leading building and infrastructure consultancy in the region. This restructuring is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2013.