Stock News: Raffle Group to pay up to 0.7 sgd per share!

Raffles Holdings Ltd, a unit of CapitaLand Ltd, said it will pay shareholders cash of up to 0.70 sgd per share in the fourth quarter in the form of a capital reduction exercise and special dividends. Raffles said it will distribute 0.37 sgd per share under the capital reduction plan and pay a tax-exempt interim dividend for the financial year ending Dec 31, 2006 of as much as 0.33 sgd per share. The actual amount of the special dividend, arising from gains from the sale of its remaining asset Raffles City, will be announced after Sept 30, it said. Raffles City was sold to CapitaCommercial Trust and CapitaMall Trust, both of which are real estate investment trust units of its parent CapitaLand, for 2.09 bln sgd. The sale is expected to be completed by end-August.