The Board of CapitaLand Limited (SGX:C31) agreed to spin-off 48.2% stake in CapitaLand Financial Limited on March 22, 2021. One share would be distributed for each share held by the eligible shareholders as of the record date. CapitaLand Financial Limited would be renamed as CapitaLand Investment Management Limited.

The deal is subject to approval from at least 75% Shareholders of CapitaLand Limited, the sanction of the Scheme by the Court, regulatory approval, approval of the SGX-ST for delisting of CapitaLand shares and other conditions. The record date of the transaction is September 14, 2021. On July 20, 2021, The Board announced that the Singapore Exchange Securities Trading Limited granted a conditional eligibility to list for the listing of the CLI Shares on the Main Board of the SGX-ST by way of an introduction.

As of August 10, 2021, shareholders of CapitaLand Limited approved the transaction. As of September 6, 2021, the transaction was approved by the Court. As of September 22, 2021, CapitaLand Investment announced two additions to its leadership council.

Simon Treacy and Patrick Boocock. Transaction is expected to complete in or around Q3 2021. Evercore Asia (Singapore) Pte.

Ltd. and J.P. Morgan (S.E.A.) Limited acted as financial advisors for CapitaLand Limited. Lim Mei, Hilary Low, Lee Kee Yeng, Chong Zhuo Chen, Leonard Ching, Elsa Chen, Magdalene Leong, Ho Kin San and Tan Boon Wah of Allen & Gledhill acted as legal advisors to CapitaLand Limited. Evercore is acting as fairness opinion provider as well.