Corporate digest

Elite Commercial Reit

THE mainboard-listed Reit has applied for its wholly owned unit, Elite UK Commercial Holdings Limited (ECHL), to be listed on The International Stock Exchange (TISE) as a UK Reit by the third quarter.

Post-listing, Elite Commercial Reit will continue to hold 100 per cent of the shares in ECHL, said the manager in a regulatory filing on Friday. It further said that the proposed listing puts the tax treatment of Elite Commercial Reit on par with that of other UK Reits.

Following the admission of ECHL on TISE - and according to the double taxation treaty between the UK and Singapore - it is expected that the principal tax rate applicable to Elite Commercial Reit will be reduced to 15 per cent from the current 19 per cent.

Further, any latent capital gains, and its corresponding deferred tax liabilities of properties currently held by Elite Commercial Reit will be eliminated, said its manager.

While the listing of ECHL on TISE is expected to be completed by the third quarter, there is "no assurance" that it will be successfully completed.

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Prior to ECHL's listing, the income and gains of Elite Commercial Reit's subsidiaries in UK would continue to be subjected to the prevailing UK corporation tax.

Elite Commercial Reit, which debuted on the Singapore Exchange mainboard last February, is the first Reit denominated in the British pound to be listed here.

Singapore O&G

SINGAPORE O&G (SOG) has appointed Linda Hoon, chief legal officer of Singapore Post, as its new independent director and chairman of the nominating committee.

Ms Hoon has over three decades of legal, compliance and company secretarial experience, mostly in-house with major regional listed companies, said SOG in a bourse filing on Friday.

She joined SingPost in August 2018 as chief legal officer and group company secretary, leading the legal, compliance and company secretarial functions.

Prior to SingPost, she was the group head of risk governance at IHH Healthcare Berhad, dual-listed on the Singapore Exchange and Bursa Malaysia, where she led the enterprise risk management and insurance programme.

SOG is in the business of providing healthcare services for women, with a particular focus on the female reproductive system, pregnancy care and delivery, and gynaecological and breast cancer.