CapitaLand Gains Control Of 96.7% Of Ascott Group

Source : Channel NewsAsia, 25 February 2008

Property developer CapitaLand has gained control of 96.7 per cent of the Ascott Group.

With this level of acceptance, CapitaLand can now compulsorily acquire the remaining shares of Ascott that it does not own.

The move will allow CapitaLand to delist Ascott and take it private.

But Ascott shareholders, who have yet to accept the offer, can still do so before the closing date of 11 March 2008.

CapitaLand had offered to buy all remaining shares of Ascott that it does not own at S$1.73 each.

Ascott shares have been suspended after its free float fell below 10 per cent last Thursday. - CNA/vm