Cheah bought his units amid a broader market selldown, with REITs and business trusts under pressure for their exposure, perceived or otherwise, to higher costs of funding with rate hikes.
Cheah Kim Teck, a newly appointed non-executive director of Mapletree Industrial Trust, has raised his stake in the REIT just over a month after he joined the board on Aug 20. On Sept 23, Cheah acquired 100,000 units at $2.47 each on the open market. This brings his total holdings to 250,000 units.
Cheah is also a director of Mapletree Investments, the sponsor of the Mapletree family of REITs. He has served for years in the senior management team of Jardine Cycle & Carriage, including his current post as director, business development. Jardine C&C is a separately-listed subsidiary of the Jardine conglomerate that focuses on Southeast Asia. Cheah oversees Jardine C&C’s investment in Vietnam-based Truong Hai Auto Corporation.
