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Dasin Retail Trust gets SGX nod to list 82.35m new units from placement

DASIN Retail Trust has received in-principle approval from the Singapore Exchange (SGX), to list 82.35 million new units from a private placement on the mainboard.

"The SGX-ST’s in-principle approval is not to be taken as an indication of the merits of the private placement, the new units, Dasin Retail Trust and/or its subsidiaries," the trustee-manager said in a regulatory update on Thursday.

The private placement that raised S$68.8 million was 1.2 times subscribed, with units issued at S$0.836 apiece, representing a 2.4 per cent discount to the volume weighted average price of S$0.8563 per unit in Dasin Retail Trust for trades on Sept 2, 2019.

Around S$61.3 million, or 89.1 per cent of the gross proceeds of the private placement, will be used to fund the proposed acquisition of the property known as Doumen Metro Mall, which is located at No. 328 Zhongxing Middle Road, Guangdong Province, the People’s Republic of China.

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Another S$7.5 million, or 10.9 per cent, will be used to pay the estimated fees and expenses, including the placement commission and related fees and expenses payable to the joint bookrunners, and professional and other fees and expenses.

The joint bookrunners are Bank of China Limited, Singapore Branch, CLSA Singapore, DBS Bank, Haitong International Securities (Singapore), Industrial and Commercial Bank of China Limited, Singapore Branch, Phillip Securities and Soochow CSSD Capital Markets (Asia).

Units of Dasin Retail Trust closed flat at S$0.845 on Wednesday.