Friday, June 11, 2010

CapitaMalls Asia

CMA announced that it has received approval from the Securities Commission of Malaysia to list CapitaMalls Malaysia Trust (“CMMT”), which will hold CapitaMalls Asia’s Malaysia shopping malls, on the Bursa Malaysia Securities. We understand that CMA will retain between 33.00% and 41.74% stake in CMMT post listing. Note that CMMT units will NOT be available to retail investors in Singapore.

Assuming listing price of RM1.10, the estimated distribution yields for the FY2010 and FY11 are 6.5% and 6.8%, respectively. For investors of CMA, we believe that mgtm may consider paying out a special dividend payout upon the successful listing of CMMT

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