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SINGAPORE--CapitaLand Ltd. (C31.SG), Southeast Asia' largest
developer by market value, said Thursday it has sold its entire 20.75% stake in
Malaysian developer United Malayan Land Bhd. (4561.KU) for about 62.6 million
Singapore dollars (US$49.2 million).
CapitaLand, through its two units
that held the stake, sold about 62.6 million shares to Seleksi Juang Sdn. Bhd.
at MYR2.50 each, the Singapore-based company said in a statement. It said the
sale was part of its capital management strategy.
Should Seleksi's
acquisition trigger a general offer for the remainder of United Malayan Land's
shares at a final price greater than MYR2.50, Seleksi will pay to CapitaLand's
units the difference between the final offer price and MYR2.50, CapitaLand said.
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