Singapore REITs

Shareholder of EH-REIT Manager Appeals to Finance Minister Against its Removal (Straits Times)

December 17, 2020 – The shareholder of Eagle Hospitality Reit Management (EHRM) – manager of Eagle Hospitality Real Estate Investment Trust (EH-Reit) – on Dec 10 filed an appeal to Finance Minister Heng Swee Keat, regarding the directive on its removal.

In a press statement on Thursday (Dec 17), Mandarin West Holdings (MWH), the sole shareholder of EHRM, noted that the directive from the Monetary Authority of Singapore (MAS) dated Nov 30 instructed the trustee of EH-Reit to remove EHRM within one month from the date of issuance of the directive, or such longer period that MAS may approve in writing, and appoint a new manager for EH-Reit.

“Upon taking professional advice, MWH’s position is that there are meritorious grounds of appeal with reasonable chances of success,” the shareholder said in the statement.

“Accordingly, the appeal against the MAS directive has been lodged with the Minister under the Securities and Futures Act (SFA),” it added. MWH said it has “stressed the fact that it has injected millions of dollars of additional cash into the Reit compared to the income generated by its properties over the same time period”.

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