Appointing Daiwa Capital to evaluate Accordia Golf Trust's sale of golf courses is par for the course

Singapore

ACCORDIA Golf Trust (AGT) said its audit and risk committee had considered a potential conflict of interest in appointing Daiwa Capital Markets Singapore as one of its joint financial advisers to assist with evaluating a non-binding proposal for the sale of all its golf courses.

The audit and risk committee is of the view that any potential conflict of interest has been "reasonably resolved and managed", the manager said in response to queries from the Singapore Exchange on Dec 24.

In its response, the manager disclosed its ongoing relationships with Daiwa Securities Group and its subsidiaries - collectively the Daiwa Group - since the trust's initial public offering (IPO). Daiwa Capital Markets Singapore is a subsidiary of Daiwa Securities Group. Daiwa Real Estate Asset Management (Dream), a wholly-owned subsidiary of Daiwa Group, owns a 51 per cent stake in AGT's manager. Dream, in connection with the trust's IPO, had also entered into an asset management agreement with the company that owns all of AGT's golf course a…