NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN.
CapitaMalls Asia Receives Approval from Securities Commission to List CapitaMalls Malaysia Trust in Malaysia
Singapore • China • Malaysia • Japan • India MEDIA AND ANALYST BRIEFING 11 JUNE 2010 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Important
This presentation is for information only. It does not constitute an offer, solicitation or invitation to purchase or subscribe for or solicitation of the units in Singapore, the United States, Malaysia or any other jurisdiction nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever. The information in this presentation is qualified in its entirety by, and is subject to, the more detailed information to be set out in the final prospectus (the "Final Prospectus") to be registered with the Securities Commission of Malaysia (“SC”). The information presented in this presentation is subject to change. Anyone wishing to purchase the units should read the Final Prospectus before deciding whether to purchase the units and will need to make an application in the manner set out in the Final Prospectus. Any decision to purchase the units should be made solely on the basis of information contained in the Final Prospectus and no reliance should be placed on any information other than that contained in the Final Prospectus. The value of the units and the income derived from them may fall as well as rise. The units are not obligations or, deposits in, or guaranteed by CapitaMalls Asia, Menang Investment Limited (the “Offeror”), CapitaMalls Malaysia REIT Management Sdn Bhd (the “Manager”), AmTrustee Berhad (the “Trustee”), the underwriters, the bookrunners or any of their respective affiliates. An investment in the units will be subject to investment risks, including without limitation, risks relating to the properties, risks relating to CMMT’s operations and risks relating to investing in real estates and including the possible loss of the principal amount invested. Investors will have no right to request that the Manager redeem or purchase the units while the units are listed. It is intended that unitholders may only deal in their units through trading on the Bursa Securities. Listing of the units on the Bursa Securities does not guarantee a liquid market for the units. This presentation may contain forward-looking statements that involve risks and uncertainties. Any actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Under no circumstances should the inclusion of such information herein be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions by CapitaMalls Asia, the Offeror, the Manager, the Trustee or any of their respective affiliates or any other person or that these results will be achieved or are likely to be achieved. Potential investors are cautioned not to place undue reliance on these forward-looking statements, which are based on CapitaMalls Asia’s current view of future events. These materials are not for publication or distribution, directly or indirectly, in or into the United States or Malaysia. These materials are not an offer of securities for sale into the United States, Canada, Japan, Malaysia or elsewhere. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("the Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the Securities Act), except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
2 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Contents
• Receives Approval from Securities Commission of Malaysia (SC) to List CapitaMalls Malaysia Trust (CMMT) in Malaysia • Transaction Rationale • CMMT • Overview of Public Offering
3 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* CapitaMalls Asia Receives Approval from SC to List CMMT in Malaysia
4 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Receives Approval IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. from SC to List CMMT in Malaysia
CapitaMalls Asia has received approval from the SC to list CMMT on the Main Market of Bursa Malaysia Securities Berhad
CMMT – REIT established with objective of investing in real estate primarily used for retail purposes and located primarily in Malaysia
Initial property portfolio: (i) Gurney Plaza (ii) Sungei Wang Plaza Property and (iii) The Mines
CapitaMalls Asia will retain between 33.00% and 41.74% stake in CMMT and a 70.00% stake in CapitaMalls Malaysia REIT Management, the REIT Manager post listing
CapitaMalls Asia’s final decision on whether to proceed with the proposed listing depends on a number of factors, including prevailing market conditions
5 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* Transaction Rationale
6 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Transaction Rationale
1 Malaysia is a key market for CapitaMalls Asia
2 Malaysia’s fragmented market offers significant growth opportunities
Planned listing provides avenue for CapitaMalls Asia to accelerate growth 3 opportunities in Malaysia
CapitaMalls Asia has built up strong local management team with 4 track record of successful asset enhancements
7 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Positive Momentum in Malaysia’s Economy
Resilient GDP growth and strong domestic consumption Favourable demographics
Malaysia GDP growth Malaysia population breakdown by age group 10.1% Q-on-Q growth in the first quarter of 2010 8.0% Average 4.4% growth from 1998 to 2009 30 0–20 20–50 50 above Forecast 4.5–5.5% growth for 2010 and 5.0–5.5% for 2011 and 2012 4.9 4.4 4.5 4.7 6.0% 25 3.9 4.0 4.2
20 4.0% 12.4 12.6 11.4 11.6 11.8 12.0 12.2 15 c. 43% of the population in the 20–50 group 2.0% 10 Population Population (in millions) 0.0% 5 11.1 11.2 11.3 11.4 11.5 11.7 11.8
(2.0)% 0 2006 2007 2008 2009 2010E 2011E 2012E 2006 2007 2008 2009 2010E 2011E 2012E
Transitioning into a high income nation Strong tourism arrivals and receipts
Malaysia GDP per capita (RM) 20,780 Tourist arrivals (in million) Tourist receipts (RM billion) 20,031 30 70 19,354 19,402 59.4 25 53.4 60 18,811 18,703 46.1 49.6 36.3 50 18,018 20 24.6 23.6 40 15 22.0 20.9 30 10 17.5 20 5 10 0 0 2006 2007 2008 2009 2010E 2011E 2012E 2006 2007 2008 2009 2010E
Source: Knight Frank.
8 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Malaysia’s Fragmented and IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Relatively Under-Supplied Market offers Growth Opportunities Highly fragmented ownership plus low retail space per capita provides significant opportunities for growth by acquisition
Shopping malls ownership in Malaysia Fragmented ownership of % of total NLA for shopping centres % of total NLA for shopping centres shopping malls in Entities that own more than 1 mall Strata unit sales Entities that own 1 mall Own more than 75% of 1 mall Own 1 mall (100%) Malaysia Own more than 1 mall Most competitors are 2% 26% single shopping mall 54% owners
98% 74% 24% Potential for ownership consolidation 14% 8%
Retail space per capita (sq ft) (2009)
45.2
22.6
10.9 10.8 5.8 2.9 3.5
Malaysia Selangor Penang Kuala Lumpur Singapore Australi a US
Source: Knight Frank (Malaysian data), Urbis (overseas data)
9 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Planned Listing allows CapitaMalls Asia to Realise Growth Opportunities in Malaysia
CapitaMalls Asia level: Recycle cash of approximately S$200 million to fuel growth ability to acquire assets
CMMT level: Available debt headroom of RM630 million 1
Growth Opportunities
Malaysia’s fragmented shopping mall market offers Increase Assets acquisition opportunities Under Management Incubator/Development Funds Increase REIT Asset Enhancement Initiatives Management Fees Transaction in line with CapitaMalls Asia’s strategy to achieve growth through capital productivity
Strong track record
Integrated retail and capital management expertise
Experienced management team
On the ground localisation policy
1 Gearing level of 34.3% at IPO. CMMT will be able to acquire assets of up to RM630 million through 100% debt financing before gearing level reaches 50%, borrowing limits as set out in REITs Guidelines issued by the Securities Commission of Malaysia.
10 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Bright Prospects for Organised Retail Sales
Malaysia annual retail sales growth (2006–2012F) Growth in organised retail sales
13.0% 12.8%
11.0%
9.0% Global Demand for 7.5% Rising operators “one-stop” 7.0% consumer looking for shopping affluence opportunity for malls 5.0% 5.0% growth 3.0–5.0% 3.0–5.0%
3.0%
1.0 - 3.0%
1.0%
(1.0)% (0.8)% 2006 2007 2008 2009 2010E 2011F 2012F Changing retail landscape in Malaysia
Source: Knight Frank
11 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN.
CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Structural Overview of CMMT
Other Unitholders
30.00% 70.00% 33.00%–41.74% 58.26%–67.00%
CapitaMalls Management Services Acts on behalf of Unitholders Malaysia REIT Management Sdn. Bhd. 1 Management Fees Trustee Fees
Gross Rental Ownership of Income & Other Assets Income (Vested in Property Trustee) Management Services
Knight Frank Property Management Fees
¹ The REIT Manager is 30.00% owned by Malaysian Industrial Development Finance Berhad, a wholly-owned subsidiary of Permodalan Nasional Berhad providing services in its three core businesses namely, investment banking, asset management and development finance
13 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. CMMT Overview
Largest listed “pure-play” shopping mall REIT in Malaysia
Three shopping malls with a total property value of RM2.13 billion*
Total retail space of approximately 1.88 million square feet of net lettable area
Geographically diversified portfolio within Malaysia
Access to Sponsor’s unique integrated retail and capital management platform
*Based on valuations of Gurney Plaza, Sungei Wang Plaza Property and The Mines as at 28 February 2010, 31 March 2010 and 31 March 2010 respectively, commissioned by AmTrustee Berhad, trustee of CMMT.
14 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Strategically Located IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Portfolio of Shopping Malls in Malaysia Gurney Plaza, Penang 1 The Mines, Selangor
Penang’s premier Suburban shopping mall lifestyle mall with Venetian-like canal Located at Gurney Part of Mines Resort City, Drive an integrated retail, Large middle/upper entertainment & income catchment business destination population Accessible via highways and public transport
NLA (sq ft) 2 : 707,503 NLA (sq ft) 2 : 719,563 Valuation (RM) 3 : 850 million Valuation (RM) 3 : 540 million : 1,201 psf : 750 psf Occupancy (%) : 96.4 Occupancy (%) : 97.5
Sungei Wang Plaza 4, Kuala Lumpur
Unique shopping mall with wide range of Penang products & services Portfolio details Strategically located within KL’s CBD NLA: 1,877,536 sq ft 2 Easily accessible via Malaysia Occupancy: 97.4% 2 SMART tunnel and Valuation: RM2,130 monorail Kuala Lumpur million 3 NLA (sq ft) 2 : 450,470 Selangor Valuation (RM) 3 : 740 million : 1,643 psf Occupancy (%) : 98.8
1 Excludes Gurney Plaza Extension 2 As at 30 April 2010 3 Based on valuations of Gurney Plaza, Sungei Wang Plaza Property and The Mines as at 28 February 2010, 31 March 2010 and 31 March 2010 respectively, commissioned by AmTrustee Berhad, trustee of CMMT. 4 CapitaMalls Asia has interest in approximately 61.9% of the aggregate retail floor area of Sungei Wang Plaza and approximately 1,298 car park bays within Sungei Wang Plaza. All information in this presentation pertains solely to CMA’s strata area. 15 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Diversified Portfolio IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Without Over Reliance on a Single Shopping Mall
Asset breakdown by NPI Asset breakdown by appraised value Asset breakdown by NLA
Total FY2009 NPI: RM134.4 million Total appraised value: RM2,130 million 1 Total NLA: 1,877,536 sq ft 2
The Mines The Mines The Mines Gurney Plaza RM32.2 million RM540 million 719,563 sq. ft. Gurney Plaza Gurney Plaza 707,503 sq. ft. 24% 25% 38% RM52.4 million RM850 million 38% 39% 40%
Sungei Wang Sungei Wang Sungei Wang RM49.8 million RM740 million 450,470 sq. ft. 37% 35% 24%
1 Based on valuations of Gurney Plaza, Sungei Wang Plaza Property and The Mines as at 28 February 2010, 31 March 2010 and 31 March 2010 respectively, commissioned by AmTrustee Berhad, trustee of CMMT. 2 As of 30 April 2010.
16 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Asset Enhancement IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Track Record – Gurney Plaza Created F&B and retail kiosks to improve tenant mix & increase rental returns
BEFORE: NLA: 706 sq ft / Av. Rent: RM17 psf Description Impact of works
Incremental NPI RM0.32 million
Capex RM0.75 million Estimated ROI 43%
AFTER: NLA: 2,715 sq ft ; Av. Rent: RM20 psf
17 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Asset Enhancement IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Track Record – Sungei Wang Plaza
Converted low-yielding anchor tenant space into higher yielding specialty outlets Achieved ROI of ~ 136%
Description Impact of works
Incremental NPI RM2.04 million
Capex RM1.5 million Estimated ROI 136%
Before: NLA: 25,532 sq ft / Ave Rent: RM5.15psf
Sungei Wang Plaza, Kuala Lumpur After: NLA: 19,070 sq ft / Ave Rent: RM17.97psf
Note: CMA owns approximately 61.9% of the aggregate surveyed retail floor area of Sungei Wang Plaza and approximately 1,298 car park bays within Sungei Wang Plaza. All information pertains solely to CMA’s strata area
18 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Asset Enhancement IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Track Record – The Mines
L4
L3 L3 (Main Entrance)
L2 Carpark from L1 to L2.5 L1 L1(Lower Entrance) L5 Splash Park, Leisure/Entertainment and F&B L4 Leisure /Entertainment, Lifestyle and IT Digital
The Mines AEI L3 Established Fashion and F&B Extension block Reconfiguration of NLA L2 Electrical, Home, Wellness and Local Fashion New retail concepts Link bridges New escalators Splash park L1 Supermarket, Services, Conveniences, F&B and Lifestyle
BEFORE AFTER Description Impact of works
Additional NLA created ~ 80,000 sq ft
Incremental NPI RM7.5 million
Capex RM87 million
Estimated ROI 9%
19 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Track Record of Asset IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Management and Enhancement Initiatives
Monthly gross 13.95 10.89 + 28.1% rental income excl GTO (RM million) At acquisition 30-Apr-10
1,877,536 + 4.5% NLA 1,796,874 (Sq ft)
At acquisition 30-Apr-10
7.63 Average + 18.5% rent per 6.44 month (RM/Sq ft) At acquisition 30-Apr-10
97.4
Occupancy 94.2 + 3.4% (%)
At acquisition 30-Apr-10
Note: Gurney Plaza was acquired on 27 November 2007, Sungei Wang was acquired on 25 June 2008, The Mines was acquired on 19 December 2007
20 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Resilient Portfolio
Overview of historical average rental (RM psf) and committed occupancy (%)
Average rental (RM psf per month) Committed occupancy (%) 7.60 7.47 7.48 100% 7.40 7.29 7.21 99% 7.20 7.04 98.3% 98.3% 7.00 98%
6.80 6.70 96.7% 96.5% 97% 6.60 96.0% 95.9% 96% 6.40 6.20 95% 3Q2008 4Q2008 1Q2009 2Q2009 3Q2009 4Q2009
1 Sungei Wang acquired in 25 June 2008, The Mines acquired in 19 December 2007, Gurney Plaza acquired in 27 November 2007.
Valuation of the portfolio (RM million) 1 NPI of the portfolio (RM million)
12210.4% 134 1,965 3.1% 2,025
1,2 2 31-Dec-2008 31-Dec-2009 FYE 2008 FYE 2009
1 NPI contribution from Sungei Wang Plaza Property for FYE 2008 is for the period 25 June 2008 till 31 December 2008 and the result is annualised for comparison purposes. 2 Figures show what the NPI might have been had CMMT existed at the relevant period.
21 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. CMMT’s Strategy
Proactive asset Actively pursue Leverage on CMA’s Optimising capital management and asset acquisition extensive portfolio management strategy enhancement strategies opportunities
Active management of ROFR from CMMT to benefit from Optimal capital properties to generate CapitaMalls Asia over CapitaMalls Asia’s structure strategy organic growth completed and extensive relationships Proactive interest rate Increasing value of stabilised Relevant with both international management strategy 1 properties through Retail Properties in and domestic tenants asset enhancement Malaysia Access to CapitaMalls initiatives ROFR from proposed Asia’s integrated retail CapitaMalls Asia and capital sponsored retail management platform development fund
1 Relevant Retail Properties refers to any completed property situated in Malaysia used or intended for use for retail purposes or predominantly retail purposes with an occupancy rate of at least 90% that is a stand-alone retail asset, property or development or a mixed-use or integrated asset, property or development where at least 65% of the gross floor area, 65% of its rental income is from retail tenants or at least 65% of value of the asset is allocable to the retail component.
22 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Management Team
Independent Non – Independent Mr IG Chandran (Gnanachandran Ayadurai), Mr Kee Teck Koon, Chairman Chairman of Audit Committee Mr Lim Beng Chee Ms Tan Siew Bee Mr Lock Wai Han Mr Peter Tay Boon Huat Mr Ng Kok Siong Ms Sharon Lim Hwee Li, CEO-Designate
Board of Directors of Board Datuk Mohd Najib Bin Abdullah
Board of Directors
Chief Executive Officer Sharon Lim Hwee Li
Finance & Asset Management Investment Compliance Yong Kei Seng Tng Wei Chien Lee Hui Yeow Management Team Management Marketing Leasing Project Engineering & Design Communications Aileen Goh Seok Management Technical Services Choo Wee Chyn Therese Jezamine Khim Adrian Chin Kok Ping Ibrahim Ahmad Chew Pak Ngoh
The retail and capital management platform in place is supported by a predominantly local management team
23 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART Comparative Yields of IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Alternative Investments Singapore Malaysia
8.5%
6.8% 6.5% 5.7% 5.7% 5.0% 4.1% 2.9% 2.5%
10 year CMT1 CMMT FY10E 2 CMMT FY11E 2 10 year KLCI EPF Malaysia 3M-REITs 4 Singapore DPU Yield DPU Yield Malaysia dividend dividend dividend Govt. Govt. yield yield plays Bond Bond (2009) (2009)
Source: FactSet, Bloomberg (9 June 2010) 1 Based on CMT’s 1Q FY2010 annualised DPU of 9.04¢ and closing unit price of S$1.81 on 9 June 2010. 2 At the price of RM1.10, the estimated distribution yields [a] of the Units for the Forecast Period 2010 and Forecast Year 2011 are 6.5% [b] and 6.8%, respectively. [a] Estimated distribution yields based on the forecast of the distributable income of CMMT for the Forecast Period 2010 and Forecast Year 2011, and a maximum cornerstone price of RM1.10. Forecast Period 2010 is the eight-month period ending 31 December 2010 while Forecast Year 2011 is the 12-month period ending 31 December 2011. [b] Based on annualised distributable income of CMMT for the Forecast Period 2010. 3 Malaysia dividend plays comprises the mean of the dividend yields of DiGi.com, YTL Power, Telekom Malaysia, BAT, Berjaya Sports Toto, PLUS, MISC & Tanjong 4 M-REITs comprises the mean of the M-REITs’ yields
24 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* Overview of Public Offering
25 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Overview of Public Offering
SC has given approval for the listing and quotation of 1,350,000,000 Units and the proposed initial public offering of 786,522,000 Units
The Proposed Offering may be subject to an over-allotment option for the purchase of up to an additional 117,978,000 Units
CapitaMalls Asia intends to retain interest of approximately 33.00% to 41.74% in CMMT after the Proposed Offering, dependent on whether the over-allotment option is exercised
Cornerstone investors, Employees Provident Fund Board and Great Eastern Life Assurance (Malaysia) Berhad, constitute 11.4% of 786,522,000 Units
CapitaMalls Asia’s final decision on whether to proceed with the proposed listing depends on a number of factors, including prevailing market conditions
26 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Proposed Disposal of Properties to CMMT
Proposed Disposal of the Properties to AmTrustee Berhad, trustee of CMMT (Trustee) for aggregate purchase consideration of RM2,054.0 million by way of cash and units
Aggregate independent valuation of the Properties carried out by valuers appointed by the Trustee was RM2,130.0 million
27 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN. Financial Effects of Proposed Transactions
Summary financial impact to CMA for FY2009
(S$ million unless otherwise stated) Before Proposed listing Post Proposed Offering* (41.74% stake) Income Statement Extract
PATMI 388.1 394.1
Balance Sheet Extract
Total Assets 6,496 .4 6,099.1
Net tangible assets 5,459.5 5,465.4
Total Borrowings 502.9 107.1
Cash & cash equivalents 544.3 731.7
Net Borrowings NM NM
Financial ratios
Earnings per share (basic) (cents) 20.1 20.5
Earnings per share (fully diluted) (cents) 20.1 20.5
Net tangible assets per share (S$) 1.41 1.41
Net debt-to-equity ratio NM NM
NM. Not meaningful as CapitaMalls Asia is in net cash position. * Note: Assuming a net asset value per Unit of RM1.03 and an exchange rate of S$1 : RM2.40, which is based on CMA’s average rate for the period from January to April 2010. For further details, please refer to announcement dated 11 June 2010.
28 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010* NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, MALAYSIA, CANADA OR JAPAN.
Thank You
For enquiries from analysts/investors, please contact: Caroline Fong Investor Relations Tel: (65) 6536 1188 Fax: (65) 6536 3884 Email: [email protected] http://www.capitamallsasia.com
29 CapitaMalls Asia Receives Approval to List CMMT in Malaysia *11 June 2010*