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New Straits Times

CapitaLand completes bookbuilding to raise RM250mil from private placement

KUALA LUMPUR: CapitaLand Malaysia Trust Bhd (CMLT) has completed its accelerated bookbuilding exercise to raise RM250 million in gross proceeds from its private placement. CLMT, in a statement today, said a total of 409.8 million new units at 61 sen each will be issued under the private placement. "The private placement was well oversubscribed, attracting strong participation from new and existing unitholders, including institutional investors and accredited investors. "A majority of the private placement new units were allocated to long-only investors," it said. According to CLMT, the proceeds will primarily be used to repay existing bank borrowings incurred for the acquisitions of nine industrial and logistics assets. These include the completed acquisitions of Valdor logistics hub and Glenmarie distribution centre which are already contributing to income, it said. CLMT said the placement is part of the manager's prudent capital management strategy to optimise CLMT's financing structure, enhance balance sheet flexibility and create additional headroom for future growth opportunities. "The issuance of new placement units will increase the number of units in circulation, thereby enhancing CLMT's trading liquidity," it added. CLMT's new units are expected to be listed on Aug 8 this year.