CapitaLand subsidiary sells 49% stake in OneSentral Park

Group also dissolves dormant wholly-owned subsidiaries: Telok Ayer Properties and Ventura Development.

CapitaLand Limited announced that its wholly-owned subsidiary, Plushland Sdn. Bhd. has divested (the “Sale”) its entire 49% stake comprising 245,000 ordinary shares of RM1 each (the “Sale Shares”) in OneSentral Park Sdn. Bhd. (“OPSB”), a company incorporated in Malaysia, to Malaysian Resources Corporation Berhad, the existing shareholder of OPSB and a party unrelated to CapitaLand, according to a company report.

OPSB was principally involved in the development of the Suasana Sentral condominium project in Kuala Lumpur, Malaysia. The project was completed in 2002 and the units thereof were fully sold in 2004. Since then, OPSB remains dormant.

The consideration (the “Consideration”) for the Sale Shares which has been wholly satisfied in cash is RM146,000 (approximately S$63,000). The Consideration was arrived at on a willing-buyer willing-seller basis, taking into account, among other factors, the adjusted net asset value of the Sale Shares of RM145,579 (approximately S$62,000) based on the management accounts of OPSB as at 31 March 2010.

Following the Sale, OPSB has ceased to be an associated company of CapitaLand.

CapitaLand Limited also announced that its dormant wholly-owned subsidiaries incorporated in Singapore, Telok Ayer Properties Pte Ltd and Ventura Development Pte Ltd, which had been placed under members’ voluntary liquidation, have been dissolved.