CAPITAMALLS Asia: According to CEO, Lim Beng Chee, CMA has a potential war chest of some $2.5-3 bn for developing and buying malls, and it will be targeting its firepower at Singapore, China and Malaysia. Currently, the group is sitting on around $1 bn of cash, which includes proceeds from the listing of CapitaMalls Malaysia Trust (CMMT) and the sale of Clarke Quay to CapitaMall Trust. With that, the group can borrow another $1.5-2 bn for investments.
With that, the group can borrow another $1.5-2 bn for investments. CMA is eyeing state land for mall developments, and it is particularly keen on areas where it already has a presence. These would include the Jurong district, where IMM and the upcoming JCube are. Another plot of interest is the one at Stamford Road/North Bridge Road, where Capitol Theatre is. Raffles City Singapore, which CMA has a stake in, is right next to the station. Besides S'pore, China remains a key growth mkt for CMA.
The Chinese government is trying to boost domestic consumption for economic growth and CMA can benefit from that trend. In Malaysia, CMA is also looking to acquire or develop malls. It is setting up a RM1 billion (S$428 million) fund for this. The stock is now trading below its IPO offering price of $2.12 after its spectacular debut last year.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment