CapitaLand Malaysia Trust (KLSE:CLMT) agreed to acquire 91.8% stake in Queensbay Mall in Penang from CapitaLand Investment Limited (SGX:9CI) for MYR 990 million on November 9, 2022. The proposed divestment is conditional on the approval of CLMT?s non-interested unitholders. The transaction is expected to be completed by the first quarter of 2023. Proposed Acquisition have become unconditional from February 23, 2023 following CLMT?s unitholders? approval for the Proposed Acquisition, being the final condition precedent under the Agreements.
As on November 9, 2022, the total acquisition cost is approximately MYR1.03 billion and will be funded by a combination of bank borrowings and proceeds from the proposed private placement.