CapitaLand shareholders cast resounding vote in favour of Ascendas-Singbridge acquisition
CapitaLand shareholders cast resounding vote of over 90% in favour of transformational transaction to acquire the business of Ascendas-Singbridge
To use this feature, please click on "Cookie Preferences" in the footer and select "Yes" to consent to functional cookies
Singapore, 12 April 2019 – CapitaLand Limited’s proposed transaction with Temasek to acquire all the issued shares of each of Ascendas Pte Ltd and Singbridge Pte. Ltd.1 received resounding approval from independent shareholders today at an Extraordinary General Meeting (EGM) held at The Star Vista. As an interested person, Temasek and its associated parties did not vote at the EGM.
Over 2,000 CapitaLand shareholders and proxies attended the EGM, where Mr Lee Chee Koon, President & Group CEO of CapitaLand Group, shared the strategic benefits of the transaction, addressed questions raised by shareholders and thanked them for their support.
The three inter-conditional ordinary resolutions set out in the Notice of EGM, dated 22 March 2019, were put to the vote of shareholders at the EGM and duly passed. Each of the resolutions in relation to the Proposed Transaction, the Proposed Allotment and Issuance of the Consideration Shares, and the Whitewash Resolution (each term as defined in the Circular dated 22 March 2019 issued in connection with the EGM) received 99.17%, 97.82% and 91.54% of the total number of votes for the resolutions respectively.
“I would like to thank all our shareholders for the support. I am very humbled by the trust that they have given us through the voting results. The transaction will strengthen and position us for the future. With the combined entity, we will be able to attract the best people. We will also have a lot more access to capital partners, markets and asset classes. We will continue to grow the company, invest right and protect the wealth that shareholders have invested in us. This marks a significant milestone as we write a new chapter of growth for CapitaLand. We promise to work very hard to make sure that we continue to deliver sustainable returns and create value for our shareholders.”
- Mr Lee Chee Koon, President & Group CEO, CapitaLand Group
 Ascendas Pte Ltd (APL) and Singbridge Pte. Ltd. (SB), are the holding companies of the business of Ascendas-Singbridge. APL holds business space and industrial development platforms and fund management platforms; and SB holds the joint ventures for large scale urban development projects.