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Monday, 20 June 2011

The Capital Group Companies is cutting losses on CapitaMalls Asia. Why???

The Capital Group Companies, Inc unloaded more shares of real estate investor and developer and mall operator CapitaMalls Asia with 38.7 million shares sold from April 29 to June 9 at estimated prices of $1.77 to $1.58 each. The trades reduced its deemed holdings by 13 per cent to 271.3 million shares or 6.98 per cent of the issued capital. The fund manager previously sold 36.8 million shares on April 28 at an estimated price of $1.77 each and 89.16 million shares from July 2010 to March 1 this year at estimated prices of $2.07 to $1.75 each. Overall, the fund manager's stake is down by 164.66 million shares or 38 per cent since July 2010.

The disposals by The Capital Group Companies since July 2010 were made at below its purchase prices based on the 62.64 million shares that the group acquired from Jan 26 to Feb 12, 2010 at estimated prices of $2.28 to $2.21 each. The Capital Group Companies reported an initial filing on Nov 25, 2009 of 34 million shares at $2.26 each, which raised its interest to 5.37 per cent.

Investors should note that The Capital Group Companies' sale prices were lower than the IPO price in November 2009 of $2.12. CapitaMalls Asia announced on April 21 a 22.5 per cent drop in Q1 profit after tax to $50.194 million for the three months to March 31, 2011. The stock closed at $1.41 on Friday.

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