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

THE managers of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (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).