MNACT unitholders appeased by all-cash option of S$1.1949 per unit in proposed merger with MCT

MCT to make preferential offering of S$2.0039 per unit to fund the additional cash requirement of up to S$2.2b

Jude Chan

Published Mon, Mar 21, 2022 · 08:59 AM

THE managers of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust : RW0U 0% (MNACT) are now offering MNACT unitholders the option to receive the entire scheme consideration of their proposed merger, of S$1.1949 per unit, wholly in cash.

MCT will also make a preferential offering of S$2.0039 per unit to fund the additional cash of up to S$2.2 billion required in the new cash-only option.

MNACT and MCT had in December proposed a merger of both real estate investment trusts (Reits), a move that has been criticised by unitholders on both sides and questioned by the Securities Investors Association (Singapore) (Sias).