Pidemco Land to merge with DBS Land to create CapitaLand Singapore, 18 October, 2000
18 October, Singapore : Pidemco Land is pleased that the proposed merger with mainboard-listed DBS Land will proceed as planned following the positive majority vote by DBS Land's shareholders today at the latter's extraordinary general meeting on the merger.
"We would like thank the DBS Land shareholders who have voted in favour of the merger to form CapitaLand Limited. On behalf of the team leading CapitaLand , I would like to assure all shareholders and interested parties that we will endeavour to do our best to create a company that can deliver world-class businesses and sustainable and enhanced shareholder value," said Mr Liew Mun Leong, President of Pidemco Land. and President and CEO-designate for CapitaLand.
Eighty-seven per cent of the votes cast at the DBS Land EGM today were in favour of the merger which will create CapitaLand Limited, the largest listed property company in Singapore and Southeast Asia. The company's core businesses include residential, commercial, fund management, hotels, serviced residences and property services. It has a strong presence in the Asia-Pacific region and London with operations in 31 cities in 15 countries.
The merger brings together two highly experienced management teams, drawn from Pidemco Land and DBS Land, who have considerable depth and breadth of skills, expertise and knowledge of the local and international property markets.
The following are the Key Management Designates of CapitaLand :
As first announced on July 12th, 2000, the Chairman of CapitaLand will be Mr Philip Yeo (currently Pidemco Land's Chairman) while Mr Hsuan Owyang (DBS Land Chairman) will be the Deputy Chairman of the Merged Group. The President and Chief Executive Officer will be Mr Liew Mun Leong.
Mr Hiew Yoon Khong will be the Chief Financial Officer for CapitaLand Group and Mrs Lim Joke Mui is the Group Company Secretary and concurrently the Chief Financial Officer for the Commercial and Fund Management business units.
Key management heading CapitaLand's Strategic Business Units are:
- Mr Ed Ng, CEO, Commercial
- Mr Ed Ng, CEO, Fund Management
- Mr Tham Kui Seng, CEO, Residential
- Mr Anthony Seah, CEO, Property Services
- Mr Kee Teck Koon, CEO, Serviced Residences
- Mr Richard Helfer, CEO, Raffles Holdings Limited (Hotels)
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 Limited is expected to trade on a "when issued" basis on the Singapore Exchange on November 21, 2000 and on a "ready" basis on November 27, 2000. A further announcement will be made when the dates are confirmed.