EC World Real Estate Investment Trust : Update On The Potential Transaction Involving All Of Ec World REIT’s Properties
(a real estate investment trust founded on August 5, 2015)
under the laws of the Republic of Singapore)
UPDATE ON POSSIBLE TRANSACTION
ALL FEATURES OF EC WORLD REIT
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INITIATION
The Board of Directors of EC World Asset Management Pte. Ltd., as manager of the EC World Real Estate Investment Trust (“EC World REIT“, and as manager of the EC World REIT, the”Manager“), refers to its announcement of May 17, 2021 (the”May 17, 2021 announcement“).
In the announcement dated May 17, 2021, the manager announced that he would be from Forchn International Pte. Ltd. in relation to a potential transaction affecting all properties of EC World REIT that may or may not lead to the sale of these properties (the “Potential transaction“).
Forchn International Pte. Ltd. conducted the talks on behalf of a consortium of buyers (jointly the “Buyers“). -
UPDATING THE POSSIBLE TRANSACTION
Following the May 17, 2021 announcement, the manager was in active negotiations with the buyers to finalize the final terms of the potential transaction, the Renminbi and Singapore Dollar / US Dollar (the currencies on which the EC World REIT’s offshore loans are denominated ring).
The Buyers have informed the Management Company that, given current market conditions and the fluctuations in the exchange rate between Renminbi and Singapore Dollar / US Dollar, they have decided not to proceed with the potential transaction as the buyers have contacted the managers regarding the potential transaction changed significantly.
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FINANCIAL IMPACT
The failure of the potential transaction will not have a material adverse effect on the consolidated net asset value or the distributions per unit of the EC World REIT (“units“) for the fiscal year ending December 31, 2021. -
FUTURE PLANS
The manager remains committed to exploring new ways to increase the long-term value of the EC World REIT for shareholders and stakeholders.
Shareholders or prospective Shareholders are advised to read this notice and the notice dated May 17, 2021 carefully and if in doubt about the action to be taken, contact their stockbroker, bank manager, attorney, accountant or other professional adviser.
For and on behalf of the Board of Directors
Goh Toh Sim
Executive Director and Chief Executive Officer
EC World Asset Management Pte. GmbH.
(Company Registration No. 201523015N)
As manager of the EC World Real Estate Investment Trust
Date: December 28, 2021
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IMPORTANT NOTE
The value of the units and the income from them can go down as well as up. The Shares are not obligations, deposits or guarantees by the Management Company, DBS Trustee Limited (as trustee of EC World REIT) or any of their respective affiliates.
An investment in the Shares is subject to investment risks, including the possible loss of the amount of capital invested. Shareholders have no right to require the manager to redeem or purchase their shares while the shares are listed. It is intended that Shareholders will only be able to sell their Shares by trading them on the Singapore Exchange Securities Trading Limited (the “SGX-STThe listing of the Shares on the SGX-ST does not guarantee a liquid market for the Shares.
This announcement is for informational purposes only and constitutes neither a solicitation nor an offer to acquire, buy or subscribe for the shares.
This release may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, results and results could differ materially from those expressed in the forward-looking statements due to a number of risks, uncertainties and assumptions. Predictions, projections or projections of the economy or the economic trends of the markets are not necessarily indicative of the future or likely performance of the EC World REIT. The forecast financial performance of the EC World REIT is not guaranteed. A prospective investor is cautioned not to place undue reliance on these forward-looking statements, which are based on the manager’s current belief about future events.
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Disclaimer of liability
EC World Real Estate Investment Trust published this content on December 28, 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unchanged, on December 28, 2021 3:06:02 PM UTC.
Publicnow 2021
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Technical Analysis Trends EC WORLD REAL ESTATE INVESTMENT TRUST
| In the short term | Halftime | Long term | |
| Trends | Bearish | Neutral | Bullish |
Development of the income statement
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To sell
Obtain |
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| Medium consensus | EXCEED |
| Number of analysts | 2 |
| Last closing price |
0.80 SGD |
| Average target price |
0.89 SGD |
| Spread / Average Target | 10.6% |
