CapitaLand, South-east’s Asia largest property group, said yesterday its fully-owned Somerset Capital unit and concerted parties had raised their stake in luxury serviced residence operator Ascott to 96.73 per cent.
Having acquired more than 90 per cent of Ascott shares that it or its concerted parties did not own before the general offer announced last month, Somerset intends to delist Ascott from the Singapore Exchange and will exercise its right of compulsory acquisition of all the outstanding shares in the serviced residence operator. Following yesterday’s announcement, the unconditional offer to buy Ascott shares at $1.73 each has been extended by two weeks to March 11.
CapitaLand had said earlier that in taking Ascott private, the serviced residence operator would have the full flexibility of leveraging on the parent company’s capital base as well as its project development opportunities, without being unduly encumbered by the compliance requirements expected of a listed entity.
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