COMMERCIAL PROPERTY | Staff Reporter, Singapore

CMT to be renamed CapitaLand Integrated Commercial Trust

The trust scheme for the CMT, CCT merger became effective today.

CapitaLand Mall Trust (CMT) is expected to be renamed CapitaLand Integrated Commercial Trust in 3 November, according to a local bourse filing.

At the same date, CapitaLand Commercial Trust (CCT) will be delisted from the SGX.

The trust scheme for the merger of CMT and CCT became effective and binding on 21 October.

CCT unitholders will receive payment of the scheme consideration, comprising $0.2590 in cash and $0.720 new CMT units for each CCT unit held not later than 30 October. The expected date for the payment of the scheme consideration is 28 October.

Also coming into effect on 21 October is CMT’s expanded investment mandate. A novation agreement will be entered on the existing right of first refusal that CapitaLand Singapore granted to CCT's trustee—HSBC Institutional Trust Services— to be novated to CMT.

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