News
CapitaCommercial Trust (CCT) Starts Trading On SGX-ST Tomorrow
Singapore, 10 May 2004 - CapitaCommercial Trust (CCT) will begin trading on a "when issued" basis on the Singapore Exchange Securities Trading Limited (SGX-ST) at 9.00am tomorrow morning (11 May 2004). Today is the last day for investors to buy CapitaLand shares if they wish to have an entitlement to CCT Units. Shareholders of CapitaLand will receive 1 CCT Unit for every 5 CapitaLand shares owned. No payment is required.
Like the creation of CapitaMall Trust less than two years ago in 2002, CapitaLand is once again pioneering a new real estate financial product, the first commercial REIT in Singapore. Going forward, CapitaLand will continue to increase the depth and breadth of the real estate capital market in Singapore.
Odd-Lots Trading
A temporary counter will be set up for two months from the "when issued" trading date of CCT on 11 May 2004, to allow trading in board lots of 100 CCT Units. Thereafter, unitholders and investors can trade in odd lots of Units in the SGX-ST's Unit Share Market.
DBS Vickers Securities (Singapore) Pte Ltd, G. K. Goh Stockbrokers Pte Ltd, Kim Eng Securities Pte Ltd, Phillip Securities Pte Ltd and UOB Kay Hian Private Ltd will reduce the minimum brokerage fee payable for trades in odd lots of CCT Units to S$20 per contract, instead of S$30.
About CCT
CCT is Singapore's first commercial real estate investment trust with a portfolio of seven commercial properties variously located in their respective prime micro-markets in Singapore's Central Business District. All seven buildings are located adjacent or close to MRT stations. As at 31 December 2003, CCT's portfolio has a total value of about S$2.018 billion, a combined net lettable area of about 1.8 million square feet (169,080 square metres) and, in respect of the two car park properties, 1,867 car park lots.
The seven properties are:
- Capital Tower
- 6 Battery Road
- Starhub Centre
- Robinson Point
- Bugis Village
- Golden Shoe Car Park
- Market Street Car Park
Following the 2004 Budget announcement on 27 February 2004, individuals who hold CCT units as investment assets but not through a partnership will enjoy not only tax transparency, but also tax exemption on the distribution received from CCT.
Key Dates
| 11 May 2004 |
Trading of CCT on a "when issued" basis
|
| 13 May 2004 | Books Closure Date for Distribution In Specie |
| 15 May 2004 | Effective Date of Distribution In Specie |
| 17 May 2004 | Trading of CCT on a "ready" basis |
| 20 May 2004 | Settlement of all CCT trades done between 11 May to 17 May 2004 |
CCT will trade under the stock code "CapitaComm". "Ready" trading will commence on 17 May 2004 when CapitaLand shareholders will be able to check their entitlement for CCT units with CDP.
IMPORTANT NOTICE
Holders of units in CCT have no right to request CapitaCommercial Trust Management Limited (as manager of CCT) (the "Manager") to redeem or purchase their units for so long as the units are listed on the SGX-ST. It is intended that unitholders may only deal in their units through trading on the SGXST. The listing of the units on the SGX-ST does not guarantee a liquid market for the units.
You should read the introductory document dated 16 March 2004 issued in connection with the listing of CCT on the SGX-ST ("Introductory Document") carefully before taking any action in respect of the units in CCT or deciding whether to purchase units in CCT in the secondary market.
This press release is not an offer of securities for sale in the United States. Securities may not be sold in the United States unless they are registered or are exempt from registration. Neither CapitaLand Limited nor the Manager intends to register the introduction of the units in the United States or to conduct a public offering in the United States. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about CapitaLand Limited, the Manager, CCT and/or their respective management, as well as financial statements. Copies of this press release are not being, and should not be, distributed in or sent into the United States.
