Saturday, January 5, 2013

Ex-CapitaLand chief sells a million shares


STRAITS TIMES
Jan 05, 2013

Almost immediately after stepping down as CapitaLand's president and chief executive, Mr Liew Mun Leong has begun to cash out on his substantial holdings in the property giant.

Mr Liew sold one million shares for a total of $3.73 million on Wednesday in two transactions, according to a CapitaLand filing with the Singapore Exchange yesterday.

Both transactions were done on the open market. His stake is now down to 1.55 million shares in CapitaLand after the second sale. His wife holds 237,000 shares.

Mr Liew had headed the property giant since it was formed following a merger between Pidemco Land and DBS Land in November 2000. He stepped down on Jan 1 this year after 17 years at the helm - one of the longest stints as a corporate boss in Singapore. The posts of president and chief executive were taken over by Mr Lim Ming Yan, formerly CapitaLand's chief operating officer.

Mr Liew previously sold a million of his shares in August last year at $3.08 apiece on the open market, after announcing in June that he planned to retire. That sale reduced his holdings from 3.55 million shares to 2.55 million.

CapitaLand's stock closed four cents lower yesterday at $3.80.


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