CapitaLand Limited starts trading on the Singapore Exchange tomorrow Singapore, 20 November, 2000
Singapore, November 20 - Southeast Asia's largest listed property group CapitaLand Limited will start trading on the mainboard of the Singapore Exchange tomorrow on a "when issued" basis. The shares will commence trading on a "ready" basis on November 27.
CapitaLand Limited is the new property-based group formed as a result of the successful merger between Pidemco Land and mainboard-listed DBS Land. The new company has total assets of $18 billion and shareholder funds of $7 billion as at December 31, 1999, as well as a presence in 33 cities and 17 countries.
CapitaLand President and Chief Executive Officer Mr Liew Mun Leong said: "This is an exciting time for the property industry as a significant new player has been created in the form of CapitaLand. Going forward, we are confident that the merged entity with its excellent assets, resources and combined expertise will provide a strong platform for the group to deliver not only increased, but sustained value to our shareholders."
Mr Liew added: "The management team for CapitaLand has set growth targets for the company including improving the adjusted Return on Equity (ROE) to between 10 and 15 per cent within three to five years. We plan to achieve this by using various key drivers of value, namely improving yields from investment properties; active asset management; improving trading returns; tapping overseas opportunities; generating fee-based income; economies of scale and lowering cost of capital."
CapitaLand is led by a highly professional team with a broad spectrum of skills and expertise, and in-depth knowledge of the local and international property business.
The Chairman of CapitaLand is Mr Philip Yeo (former Chairman of Pidemco Land) and the Deputy Chairman is Mr Hsuan Owyang (former Chairman of DBS Land).
Spearheading the management team is Mr Liew Mun Leong, the President and Chief Executive Officer. Assisting him in the Office of the President are Mr Hiew Yoon Khong, the Chief Financial Officer; Mr Ed Ng, CEO of CapitaLand Commercial and CapitaLand Financial; Mr Tham Kui Seng, CEO of CapitaLand Residential; and Mr Kee Teck Koon, MD & CEO of The Ascott Limited.
CapitaLand's mission is to be a world-class property company that delivers quality products and services, and creates sustainable value for its shareholders. The core businesses will be driven by six Strategic Business Units - Residential, Commercial, Fund Management, Serviced Residences, Property Management Services and Hotels.
Each SBU will have its own management team led by the respective CEOs:
- CapitaLand Commercial Limited - Mr Ed Ng
- CapitaLand Financial Limited - Mr Ed Ng
- CapitaLand Residential Limited - Mr Tham Kui Seng
- CapitaLand Property Services Pte Ltd - Mr Anthony Seah
- The Ascott Group - Mr Kee Teck Koon
- Raffles Holdings Limited - Mr Richard Helfer
CapitaLand Commercial Limited and CapitaLand Financial Limited 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.
CapitaLand Residential Limited will focus on developing quality homes in Singapore and selected gateway cities. CapitaLand Property Services Private Limited aims to excel in property management services regionally and to expand its third-party business base.
The serviced residences business unit, which is the largest in Asia Pacific, aims to be a major international player. It is grouped under mainboard-listed The Ascott Group which was formed through the merger between listed-The Ascott Limited and listed-Somerset Holdings Limited. The merger is expected to be completed by November 25.
Raffles Holdings Limited is the international hotel investment and management subsidiary operating nine hotels worldwide and is listed on the mainboard of the SGX.