Existing unitholders of CMT and CCT are expected to vote on the proposed transaction at an extraordinary general meeting on Sept 29.
Maybank KE says it continues to favour CMT because the scale benefits from the merger are unchanged.
Also, a more diversified portfolio and higher development headroom adds growth options, to support its portfolio remodelling over the medium term, it says.
Moreover, both CMT and CCT unitholders will enjoy a higher dividend distribution per unit accretion, thanks to the waiver of CMT’s acquisition fee.
“Merger merits unchanged,” Maybank KE analyst Chua Su Tye writes in a note dated Sept 6.
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As at 1.28 pm, CMT was up 4 cents or 2.1% at $1.97 with 5.5 million units changed hands.
