CapitaLand Investment (SGX:9CI) wholly-owned subsidiary, The Ascott, sold 185,253,000 stapled securities in CapitaLand Ascott Trust (SGX:HMN) to an unrelated third party for around SG$162 million, a filing with the Singapore Exchange said on Wednesday.
The securities represent around 4.88% of the trust's stake.
Following the transaction, CapitaLand's stake in CapitaLand Ascott Trust (CLAS) has decreased to around 24.04% and CLAS is no longer the company's subsidiary.
The decrease in stake is part of the company's strategy to deliver sustainable growth by optimizing capital efficiency.
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