Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" data-smartkarma-citation="entities:55" rel="noopener">Capitaland (CAPL SP)</a> restructuring plan is deemed 'fair and reasonable'</h3><ul><li>CAPL proposed to split its business into a privately held real estate development arm, CapitaLand Investment (CLI), which would become the largest real estate investment manager (REIM) on the Singapore bourse, with pro forma real estate AUM of ~S$115bn as at 31De20. Under the planned scheme, shareholders would effectively own a direct stake in a company with lower leverage, as the pro forma net debt-to-equity ratio of 0.56 times for CLI, against CAPL’s net debt to equity of 0.68 times as at 31Dec20</li><li>Evercore Asia, the IFA, has called the value of the deal fair and reasonable from a financial point of view, as of the latest practicable date and shareholders can also choose to sell their shares on the open market, if they can get a higher price</li><li>The implied consideration represents a premium over the volume-weighted average price up to date of the restructuring announcement. The implied value in the deal includes both a consideration of S$4.102/share and the FY20 dividend for those who held shares by 4May21. CAPL will hold an EGM and a scheme meeting on 10Aug21 for shareholders to decide on the planned transaction.</li></ul>

SingaporeCapitaland (CAPL SP) restructuring plan is deemed 'fair and reasonable'CAPL proposed to split its business into a privately held real estate development arm, CapitaLand Investment (CLI), which would become the largest real estate investment manager (REIM) on the Singapore bourse, with pro forma real estate AUM of ~S$115bn as at 31De20. Under the planned scheme, shareholders would effectively own a direct stake in a company with lower leverage, as the pro forma net debt-to-equity ratio of 0.56 times for CLI, against CAPL’s net debt to equity of 0.68 times as at 31Dec20Evercore Asia, the IFA, has called the value of the deal fair and reasonable from a financial point of view, as of the latest practicable date and shareholders can also choose to sell their shares on the open market, if they can get a higher priceThe implied consideration represents a premium over the volume-weighted average price up to date of the restructuring announcement. The implied value in the deal includes both a consideration of S$4.102/share and the FY20 dividend for those who held shares by 4May21. CAPL will hold an EGM and a scheme meeting on 10Aug21 for shareholders to decide on the planned transaction.

ASEAN Builder's Scoop (19Jul21) - CAPL Restructuring Plan Fair and Reasonable

Philippines

Metro Pacific Investments Corporation (MPIC) is a Philippine-based investment and management company focused on infrastructure. It holds diverse assets in water utilities, toll roads, electricity distribution, hospital operations, light rail, and agribusiness. MPIC was incorporated in the Philippines and registered with the SEC on March 20, 2006, and is headquartered in Pasig City, Philippines.

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Metro Pacific Investments (MPI PM)

ASEAN Builder's Scoop (19Jul21) - CAPL Restructuring Plan Fair and Reasonable

CAPL restructuring plan fair and reasonable; MPI restructures logistics biz; AWC to invest THB100bn in mixed-use developments; Indo extends tax...

SCCM Asia Research

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