Following the transaction, CLI Group’s holding in CLAS has dropped to approximately 24.04% from 28.92% previously. CLAS will cease to be a subsidiary of the group, and is expected to be accounted as an associate.
CapitaLand Investment Limited (CLI) says its wholly-owned subsidiary, The Ascott Limited, has disposed of 185,253,000 stapled securities in CapitaLand Ascott Trust (SGX:HMN
) (CLAS).
The securities, which represent a 4.88% stake in CLAS, were sold to an unrelated third party for a sale consideration of approximately $162 million.
