CapitaLand sells 100% interest in Thomson Plaza (Private) Limited

The shares were sold to NTUC Fairprice Co-operative Limited for a little over S$100,000.

An announcement by CapitaLand said, “TPPL is currently a dormant company. It was principally involved in the development of Thomson Plaza which comprises a total of 125 strata retail units. All the strata retail units were fully sold in 2003. The Purchaser who is unrelated to CapitaLand owns 49.9% of the strata retail units.”

The Consideration which was arrived at on a willing-buyer willing-seller basis, comprises,
inter alia: (a) Cash payment of S$1 for the Sale Shares; and (b) Novation of an outstanding loan of S$103,092 owing by CapitaLand Commercial Limited, a wholly-owned subsidiary of CapitaLand, to NTUC Fairprice Co-operative Limited.

CapitaLand said that the net asset value of its shares based on the management accounts of TPPL as at 30 September 2011 was S$103,092.