Name of Proposed Merged Entity to be CapitaLand
Singapore, 06 September, 2000
Pidemco Land and DBS Land are pleased to announce that the new name for the proposed merged group which will be listed on the Singapore Exchange will be CapitaLand Limited.
The new name embodies the merged group's vision to be a world-class property company which delivers sustainable shareholder value through world-class operations and businesses. The name CapitaLand is synonymous with excellence and best represents the business and vision of the group. The name CapitaLand is also corporate and business-like and can be applied internationally and across cultures.
"CapitaLand was selected from hundreds of names submitted to the naming panel for review. We believe it is a name that best captures the essence of what the new merged entity will represent - strength, growth and versatility," said Mr Liew Mun Leong, President and CEO designate for the proposed merged group.
He added: "Capital represents many facets of our group interest. Capital as an adjective suggests prime or outstanding whilst as a noun it means gateway cities and finance. CapitaLand will represent our concentration on prime properties in capital cities to deliver good values and financial returns. It will link our property business with strong capital management which is the current global trend."
Following the merger, the group will build on sectors where it has competitive advantages and core competencies. The strategic business units are commercial, residential, serviced residences, fund management, property management and hotels.
CapitaLand will be applied as follows to the following key business units:
- CapitaLand Commercial Limited
- CapitaLand Residential Limited
- CapitaLand Financial Limited
- CapitaLand Property Management Limited
CapitaLand Commercial Limited and CapitaLand Financial Limited will be helmed by CEO designate Mr Ed Ng, current DBS Land President and Group CEO. The commercial business unit will focus on prime properties in Singapore while selectively exploiting overseas opportunities. The fund management unit will identify assets for injection into specific sectors and regional funds targeting local and international investors.
CEO designate Mr Tham Kui Seng will head CapitaLand Residential Limited which will focus on developing a portfolio of quality homes in Singapore and selected gateway cities. Mr Tham is the current Chief Operating Officer of Pidemco Land.
Mr Anthony Seah, CEO designate and current Pidemco Land Executive Vice President for Residential Investment, Development & Marketing, will head CapitaLand Property Management Limited. The unit aims to excel in property management regionally and to expand its third-party business base.
Plans to merge Pidemco Land and DBS Land were first announced on July 12, 2000. DBS Land's minority shareholders will vote on the merger at an EGM to be held in mid October. Subject to other regulatory approvals, the entity is expected to be listed in early December.
If the merger is approved, DBS Land will be delisted from the Singapore Exchange and the new merged group, CapitaLand Limited, will be listed on the exchange.
CapitaLand Limited, when listed, will be the largest listed property company in Southeast Asia. It will have a combined total asset of approximately $18 billion and a presence in 31 cities and 15 countries.
Issued by : Pidemco Land Limited and DBS Land Limited
Date : September 6, 2000