CMT’s FY 2019 net property income up 13.1% year-on-year
Distributable income up 7.5% year-on-year
Singapore, 22 January 2020 – CapitaLand Mall Trust Management Limited (CMTML), the manager of CapitaLand Mall Trust (CMT), announced today that CMT has achieved net property income (NPI) of S$558.2 million for the period 1 January 2019 to 31 December 2019 (FY 2019), up 13.1% from S$493.5 million in the previous year (FY 2018). Distributable income was S$441.6 million, an increase of 7.5% over the S$410.7 million for FY 2018. Distribution per unit (DPU) of 11.97 cents for FY 2019 was 4.1% higher than the 11.50 cents for FY 2018.
For the period 1 October 2019 to 31 December 2019 (4Q 2019), NPI grew 13.1% to S$140.7 million over the S$124.4 million for the same period last year (4Q 2018). Distributable income for 4Q 2019 was approximately S$114.6 million, 6.0% higher than 4Q 2018. DPU was 3.11 cents, an increase of 4.0% over the DPU of 2.99 cents for 4Q 2018.
Based on CMT’s closing price of S$2.590 per unit on 21 January 2020, the annualised distribution yield for 4Q 2019 was 4.76%. With the Books Closure Date on 31 January 2020, Unitholders can expect to receive their DPU for 4Q 2019 on 28 February 2020.
The respective boards of directors of CapitaLand Mall Trust Management Limited, as manager of CapitaLand Mall Trust (“CMT”, and as manager of CMT, the “CMT Manager”), and CapitaLand Commercial Trust Management Limited, as manager of CapitaLand Commercial Trust (“CCT”, and as manager of CCT, the “CCT Manager”), are pleased to announce the proposed merger of CMT and CCT (the “Merger”).
The Merger is to be effected through the acquisition by CMT of all the issued and paid-up units of CCT (“CCT Units”) by way of a trust scheme of arrangement (the “Trust Scheme”) in accordance with the Singapore Code on Take-overs and Mergers (the “Code”) and the deed of trust constituting CCT dated 6 February 2004 (as amended) (the “CCT Trust Deed”).
The consideration for each CCT Unit (the “Scheme Consideration”) comprises 0.720 new units in CMT (“CMT Units”) and S$0.2590 in cash. Based on an issue price of S$2.59 per CMT Unit1, the Scheme Consideration is S$2.1238 and implies a gross exchange ratio of 0.820x taking into consideration, amongst other factors, the respective 30-day volume weighted average price (“VWAP”) of CMT Units and CCT Units.
Following the Merger, it is intended that the merged entity will be renamed “CapitaLand Integrated Commercial Trust” (the “Merged Entity”).
Last Friday finally managed to close at $2.60 level which also covered the Gap being sold down previously ,looks rather positive!
I
Result will be out on Wednesday morning - 22nd January 2020 cum dividend announcement. Likely to see further upwards move!
Short term wise, I think likely to move up to retest $2.65 then $2.71 level.
Not a call to buy or sell.
Pls dyodd.