EH-Reit to 'assess implications' of MAS notice

Singapore

THE manager of Eagle Hospitality Reit (EH-Reit) said that it is working with professional advisers to "assess the implications" of the Notice of Intention (NOI) it received from the Monetary Authority of Singapore (MAS).

The MAS on Monday issued the NOI to the trustee of EH-Reit to remove its manager and appoint a new one. The notice comes following numerous breaches of the Securities and Futures Act (SFA) by EH-Reit Management, and serious concerns over its ability to comply with rules and regulations, said MAS.