CapitaLand unit to sell RI stakes

CapitaLand unit to sell RI stakes

SINGAPORE: CapitaLand Ltd, Singapore's second-largest property group, said its wholly-owned subsidiary is divesting stakes in two Indonesian property firms which will net it US$26.8 million in cash.

The moves are part of its strategy to divest non-core assets and streamline operations to focus on key gateway cities, the firm said in a statement on Saturday.

They will contribute about 1.6 cents to earnings per share for the year ending Dec. 31, 2002, it said.

CapitaLand's subsidiary, Amethyst Holdings Pte, has entered into a conditional sale and purchase agreement to sell its 95 percent interest in PT Amethyst Wahyu for US$25 million. The sale is expected to be completed by December.

The subsidiary has also sold its 51 percent interest in PT Pakuwon Amethyst for US$1.8 million.

The completion of both of these transactions are subject to approval by the Indonesian authorities. -- Reuters