CapitaLand Mall Trust's Bugis+ (Photo: REITsWeek)CapitaLand Mall Trust's Bugis+ (Photo: REITsWeek)

The government statutory board known as the Singapore Labour Foundation has disposed off 7,250,800 units of CapitaLand Mall Trust.

The units were disposed off on 7 September 2017 via an open market transaction for a total consideration of SGD14,896,678.

This translates to about SGD2.05 received per unit disposed.

The country’s Ministry of Manpower, which oversees the Singapore Labour Foundation, describes the statutory board as one that provides financial support to the National Trade Unions Congress (NTUC).

With the disposal, the statutory board now holds a remaining stake of 4.89% in the Singapore-listed retail REIT, representing a deemed interest of 173,346,944 units.

As such, the Singapore Labour Foundation is no longer considered to be a substantial unitholder in the REIT as its stake has dropped beneath 5%.

Units of CapitaLand Mall Trust last changed hands on the Singapore Exchange at SGD2.11.

A short analysis of this transaction is given in the following segment:

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.