CapitaLand sells 20% stake in Australand to raise A$433.7m

Shares are offered at A$3.685-A$3.750 each.

According to a report by Bloomberg, CapitaLand Ltd. (CAPL), Southeast Asia’s biggest developer, is selling part of its 59 percent stake in Australand Property Group (ALZ) to raise as much as A$433.7 million ($408 million).

CapitaLand is offering 115.7 million shares, equal to about 20 percent of Australand’s outstanding securities, the company said in a filing through the stock exchange today. CapitaLand is offering the shares at A$3.685 to A$3.750 each, according to transaction terms seen by Bloomberg News, compared with a market price of A$3.75 before trading was halted.

Read full report here.