The acquisition was made through CapitaLand’s wholly-owned subsidiary Ascendas (China), who purchased the stake from the joint venture partner for the project.
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The consideration was arrived at on a willing-buyer and willing-seller basis taking into account the adjusted net asset value of the equity interest as of March 31 amounting to RMB1 billion ($206 million).
Pursuant to the acquisition, the joint venture partner has been granted a call option, which it May within six months after the date of the conditional equity transfer agreement for the acquisition, to repurchase the stake.
CapitaLand says the acquisition is not expected to have any material impact on the net tangible assets or earnings per share for CapitaLand for the FY2021 ending December.
As at 9.15am, shares in CapitaLand are down 3 cents or 0.83% lower at $3.63.
