On Dec 31, 2021, MCT’s manager along with Mapletree North Asia Commercial Trust’s (MNACT) manager announced the proposed merger of MCT and MNACT to form Mapletree Pan Asia Commercial Trust (SGX:N2IU
) (MPACT). The merger was effected by a trust scheme of arrangement, and was approved by the unitholders of both REITs. The trust scheme was effective on July 21, 2022.
On Feb 16, based on an announcement by the Monetary Authority of Singapore (MAS), the Securities Industries Council (SIC) has found that Allen & Gledhill (A&G) and DBS Bank “have fallen short of the standards expected of advisers” and both A&G and DBS have “breached” the Singapore Code on Take-overs and Mergers.
However, the Council has decided not to take any further action against A&G and DBS because prompt action was taken by the advisers to mitigate the breaches; and both A&G and DBS have since taken steps to improve their internal processes and controls to prevent a similar incident from re-occurring.
