SoilBuild Vows Close Monitoring Of COVID-19 Situation After Its Share Price Reached An All-Time Low in March
April 17, 2020 — SoilBuild Business Space REIT issued an update of their current state and situation in view of the on-going pandemic and its effects on the eocnomy.
“We are mindful of and will continue to closely monitor the evolving COVID-19 situation. Additional measures have been taken in accordance with the government’s guidelines as the safety and well-being of our stakeholders are of the utmost importance. With factors such as the COVID-19 virus outbreak and slow global economic growth weighing in, a muted global outlook is expected ahead. Soilbuild REIT’s portfolio is diversified across asset classes, tenant trade sectors and geography,” their statement read. “We are in active dialogue with our tenants to assist them during these challenging times. As we continue to monitor the constantly evolving situation, we remain nimble and steadfast in enhancing our portfolio fundamentals and ensuring that our portfolio remains resilient.”
The REIT reported that their share price reached an all-time low of 0.199 cents in March 2020. For 1Q FY2020, the 3-month average daily traded volume of Soilbuild REIT shares was 2.53 million units. The trading volume in 1Q FY2020 was 70.9% higher compared to the 3-month average daily traded volume for 4Q FY2020 at 1.48 million units.
Apart from the stock market, SoilBuild reported a reduction in investor relations activities with the cancellation of SGX-REITAS-Maybank conference that was supposed to have taken place in Malaysia in February 2020.
The Singapore REIT Symposium has also been postponed from May to August 2020.
“Whilst we have limited control over the volatility of our unit price, the Management will continue to manage our property portfolio and maintain our stakeholder relationships by engaging in active communications,” the REIT said.
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