A lender of Dasin Retail Trust CEDU has “expressed concern” that the trust’s restructuring may be delayed during the requisition to internalise the trust’s manager, according to the trust’s filing on Dec 4.
A group of minority investors who are seeking to take back control of the management of the trust through the internalisation of the manager, had called for an extraordinary general meeting (EGM) on Nov 23.
In a follow-up letter from the minority investors, who are said to collectively hold over 10% of the units in the trust, they said that they are “confident” that the interests of the internal trustee-manager, which will be controlled by the trust, will be fully aligned with all the unitholders’ interests.
Further to its statement dated Dec 4, the trust’s manager revealed that the trust’s management and major unitholder are supportive of the lenders’ desire for the trust to repay the loans through funds generated from the sale of one or two properties.
The CEO of the trustee-manager, Wang Qiu had informed the board and lenders that the trust’s largest controlling unitholder, Zhang Zhencheng, agreed to provide the pre-approval of the sale of retail malls, subject to minimum selling price levels in October.
As at Nov 16, there were a few potential investors who have expressed their interest in the properties, according to Jones Lang LaSalle, one of the marketing agents for the trust’s properties.
See also: CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
As at 4.59pm, units in Dasin Retail Trust are trading 0.5 cents higher or 10.2% up at 5.4 cents.
