Interested Person Transactions

The transactions entered into with interested persons during the financial year, which fall under the listing manual and the property fund guidelines, are as follows:

Name of Interested Person
Aggregate value of all
interested person transactions
during the financial period
under review (excluding
transactions of less than
S$100,000 each)
S$’000
CapitaLand Limited and its subsidiaries or associates
- Management fees1
34,178
- Property management fees & reimbursement
42,813
- Project management and consultancy fees for asset enhancement works
4,199
- Rental and service income
610
 
Temasek Holdings (Private) Limited and its associates
- Rental and service income
30,611
- General Maintenance
110
 
The Hongkong and Shanghai Banking Corporation Limited and its associates
- Rental and service income
1,246
- Trustee fees
1,066
  1. For the purposes of Rule 907 of the Listing Manual of the SGX-ST, in arriving at this figure, the market price of the CMT Units (being the closing price of the Units traded on the SGX-ST on the relevant date of issue of the Units) issued to the Manager for the performance component of its management fees, was used to determine the amount of the aggregate asset management fees paid to the Manager for the period from 1 January 2009 to 31 December 2009. A total of 9,249,159 CMT Units amounting to an aggregate of S$14,080,604 have been or will be issued to the Manager as payment of the performance component of the asset management fees (as computed pursuant to the Trust Deed) for the period from 1 January 2009 to 31 December 2009. In respect of the period from 1 January 2009 to 31 March 2009, a total of 3,407,907 CMT Units at issue prices of S$1.185 per Unit, were issued on 5 May 2009 to the Manager. The market price at the date of issue was S$1.34 per Unit and the aggregate market value of these Units was S$4,566,595 based on this market price. In respect of the period from 1 April 2009 to 30 June 2009, a total of 2,638,640 CMT Units at issue prices of S$1.3546 per Unit, were issued on 4 August 2009 to the Manager. The market price at the date of issue was S$1.56 per Unit and the aggregate market value of these Units was S$4,116,278 based on this market price. In respect of the period from 1 July 2009 to 30 September 2009, a total of 1,574,714 CMT Units at issue prices of S$1.8138 per Unit, were issued on 6 November 2009 to the Manager. The market price at the date of issue was S$1.66 per Unit and the aggregate market value of these Units was S$2,614,025 based on this market price. In respect of the period from 1 October 2009 to 31 December 2009, a total of 1,627,898 CMT Units at issue prices of S$1.7653 per Unit, were issued on 2 February 2010 to the Manager. The market price at the date of issue was S$1.71 per Unit and the aggregate market value of these Units was S$2,783,706 based on this market price.

Save as disclosed above, there were no additional Interested Person Transactions (excluding transactions of less than S$100,000 each) entered into during the financial period under review.

On 10 February 2004, the SGX-ST has granted a waiver to CMT from Rules 905 and 906 of the SGX-ST’s Listing Manual in relation to payments for management fees, payments for acquisition and divestment fees, payments of property management fees, reimbursements to the property manager in respect of payroll and related expenses as well as payments of trustee’s fees. Such payments are not to be included in the aggregated value of total related party transactions as governed by Rules 905 and 906 of the SGX-ST’s Listing Manual.

Please also see Significant Related Party Transactions on note 25 in the financial statements.

Subscription of CMT Units
For the financial year ended 31 December 2009, an aggregate of 1,512,436,674* CMT units were issued and subscribed for. As at 31 December 2009, 3,179,267,877 CMT units were in issue and outstanding. On 2 February 2010, 1,627,898 CMT units were issued to the Manager as part payment of the performance component of its asset management fees for the fourth quarter of 2009.

* On 2 April 2009, CMT issued 1,502,358,923 new units pursuant to an underwritten renounceable 9-for-10 rights issue.