SINGAPORE (Feb 14): CapitaLand announced Monday that its wholly-owned subsidiary CLV Investment 5 has acquired an additional 20% interest in CapitaLand-Thien Duc Company (CTD) for a cash consideration of US$17.9 million (S$25.4 million) (RM79.6 million).
Following the acquisition from a party unrelated to CapitaLand, the Vietnam-incorporated CTD is now a 50%-owned associated company of CapitaLand.
In a filing to SGX on Monday, CapitaLand says the acquisition is “consistent with [its] strategy to increase its residential development portfolio in Vietnam”.
CTD holds a mixed use development in Ho Chi Minh City, known as Vista Verde, comprising 1,152 residential units.
In addition, CTD holds two land plots in the vicinity of Vista Verde, which are to be developed into landed shop houses and high-rise residential units.
CapitaLand says the acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the group for financial year ending Dec 31, 2017. — theedgemarkets.com.sg