Following the completion of the sale of 70% of the trustee manager of Dasin Retail Trust by Zhang Zhencheng to a unit of Sino-Ocean Capital for $8.3 million on Oct 12, Zhang has stepped down as chairman of the manager, and is appointed as a member of the Audit and Risk Committee, and the Remuneration Committee.
Dasin Retail Trust owns seven malls in the greater bay area, and the trust has yet to rebound significantly despite the change of owner of the manager, and the potential change of major unitholder.
Dr Kong Weipeng, a Non-Executive Non-Independent Director of the manager is appointed chairman of the Board, a member of the Audit and Risk Committee and the Nominating Committee.
Sonny Tan Hock Sun, an independent director of the manager is appointed as the Lead Independent Director, the Chairman of Nominating Committee, and a member of the Audit and Risk Committee and the Remuneration Committee.
See: Chairman of Dasin Retail Trust's manager finalises sale of stake in manager
Lyu Guoliang, the Non-Executive Non-Independent Director of the manager is appointed as a member of the Audit and Risk Committee and the Remuneration Committee.
See also: CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
Dr Cao Yong ceases to be the Lead Independent Director and relinquishes his designation as Chairman of the Remuneration Committee but continues as a member of the Remuneration Committee.
Sun Shu is appointed as the Chairman of the Remuneration Committee and relinquishes his designation as Chairman of the Nominating Committee but continues as a member of the Nominating Committee.
Tan Huay Lim ceases to be a member of the Remuneration Committee.
See also: CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
As at June 30, Dasin Retail Trust’s NAV stood at $1.46 compared to its last done price of 44 cents, giving a P/NAV of 0.3 times. Dasin Retail Trust’s unit price is down 44% year-to-date.
Despite the change in ownership of the manager, a change in ownership of the trust itself has yet to materialise.
At present, technical issues may be contributing to Dasin Retail Trust’s underperformance.
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Its current liabilities as at June 30 are temporarily high due to the re-classification of a $422.65 million offshore syndicated loan and a RMB375.15 million onshore syndicated term loan which are due on Dec 19.
Once these are termed out, and Sino-Ocean Capital takes control of the trust itself, in addition to the manager, investors’ sentiment could improve.
