Credit: Reuters/Rob Dawson
Men walk past a sign at a construction site just off on Singapore's main shopping boulevard Orchard Road November 17, 2009.
CapitaLand is offering S$2.22 in cash, a 23 percent premium to CapitaMalls' closing share price of S$1.8 on Friday. Trading in both the shares was halted on Monday pending an announcement.
'Delisting CMA enables greater alignment between CapitaLand and CMAs's business strategies by focusing resources on highest overall project returns,' CapitaLand said in its statement to the Singapore exchange on Monday.
Singapore sovereign investor Temasek Holdings owns 39 percent of CapitaLand.
CapitaMalls, which manages 105 shopping malls, earned 43 percent of its revenue from China last year, 32 percent from Singapore, and most of the remaining from Japan and Malaysia.
Morgan Stanley and Credit Suisse are advising CapitaLand on the transaction.
(Reporting by Anshuman Daga and Saeed Azhar; Editing by Himani Sarkar)
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