City Developments Limited (CDL) has announced the completion of its proposed disposal of shares in Scottsdale Properties Pte. Ltd. The transaction, finalised on 1 September, involved the sale of 115,230,000 ordinary shares and 84,911,865 preference shares, representing 50.1% of Scottsdale’s share capital, to IOI Consolidated (Singapore) Pte. Ltd. for a total of $835.29m.
The sale was conducted through CDL’s wholly-owned subsidiary, Ascent View Holdings Pte. Ltd. With this transaction, CDL has divested its entire shareholding in Scottsdale Properties, which will no longer be a joint venture of the company. The payment includes a previously paid deposit of $41.25m, with the final sale consideration subject to adjustments based on the final completion statement.
The completion of this transaction marks a significant shift in CDL’s investment portfolio, as the company continues to refine its strategic focus. The final completion statement, which will determine any adjustments to the sale consideration, will be prepared in accordance with the agreed terms of the disposal and based on financial information available from the completion date.
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