Capitaland: Co has divested its 20% interest in Macao Studio City to its JV partner eSun for $104.5m. The sale was part of a conditional agr during the initial purchase that Capitaland was given a put option to sell its stake if certain conditions were not met by Sept 2011…
A shareholder loan of $49.3m was also repaid to Capitaland. Co’s carrying value incld loans from the sale shares was approx $145.0m and co made a net gain of $8.8m. eSun itself sold the combined 60% stake to Melco Crown for US$260m ($321.9m) and the remaining 40% is held by New Cotai Hldgs...
Capitaland trades at P/B of 0.9x against peers CDL at 1.5x, UOL at 0.8x
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