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DBS Land shareholders vote in favour of merger with Pidemco Land CapitaLand will be the largest listed property company in Singapore and Southeast Asia

Singapore, 18 October, 2000

18 October 2000, Singapore : DBS Land shareholders at the Court Meetings and Extraordinary General Meeting earlier today voted in favour of the proposed merger with Pidemco Land to form CapitaLand.

"We would like to express our appreciation to shareholders for their confidence in the management of DBS Land and Pidemco Land to form CapitaLand. We will now press full steam ahead to deliver to shareholders the value we believe CapitaLand can create.

Your endorsement of the merger places us in a position to achieve our common vision to become a world-class property company which will deliver sustainable shareholder value," said Mr Hsuan Owyang, Chairman of DBS Land.

CapitaLand will be the largest listed property company in Singapore and Southeast Asia with a wide geographic presence in the Asia Pacific region and London with operations in 31 cities in 15 countries.

Voting Patterns

There were four meetings held today and the requisite majority of shareholders at the Court meetings and the Extraordinary General Meeting have voted in favour of the resolutions proposed. The results of the voting on a poll are as follows:

a) At the Court Meeting of Shareholders :

  • For : 86 %
  • Against : 14%

b) At the EGM of Shareholders and RCCPS holders :

- on special resolution 1

  • For : 87%
  • Against : 13%

- on special resolution 2

  • For : 87%
  • Against : 13%

- on ordinary resolution 3

  • For : 87%
  • Against : 13%

c) At the Court Meeting of RCCPS holders:

  • For : 100%
  • Against : -

The RCCPS Holders Meeting has been adjourned to 25 October 2000 at noon at Stamford Ballroom, The Westin Stamford & Westin Plaza, due to a lack of quorum.

The Board of Directors are pleased to announce that the merger will continue as planned notwithstanding the adjournment, as the merger is not conditional upon the RCCPS scheme of arrangement.

DBS Land shares will be exchanged for equivalent new shares in CapitaLand Limited, which will be listed on SGX after the merger is effective. CapitaLand shares are expected to trade on the SGX on a "when issued" basis on 21 November 2000 and a "ready" basis on 27 November 2000.