Stock news: CapitaLand to delist Raffles Holdings; makes 0.06 sgd exit offer

Property developer CapitaLand Ltd has formally proposed to voluntarily delist its 58.51 pct-owned unit Raffles Holdings Ltd from the Singapore Exchange, offering to pay Raffles Holdings shareholders an exit price of 0.06 sgd per share in cash, the two companies said in a joint statement yesterday. The exit offer price, which values Raffles Holdings at 128.1 mln sgd, represents a premium of 37 pct over the unaudited residual net tangible assets of the RHL Group as of end-September, after adjusting for the capital distribution and special dividend. The offer is conditional upon the distribution of 0.37 sgd per share from a capital reduction exercise and payment of 0.33 sgd per share in special dividend by Raffles Holdings, expected on Oct 17. CapitaLand will also make an offer to acquire Raffles Holdings' outstanding options. Raffles Holdings completed the sale of its remaining asset - Raffles City Complex - on Sept 1 and has received a net aggregate amount of 2.13 bln sgd in cash from RCT Trust, a special purpose sub-trust jointly owned by CapitaCommercial Trust and CapitaMall Trust, both of which are real estate investment trust units of its parent CapitaLand. Raffles Holdings requested for a trading halt today, citing the release of price-sensitive information