Owners of CRT's manager in move to allay concerns

Singapore

THE individual majority owners of the trustee-manager of Croesus Retail Trust (CRT) have pledged to plough back at least S$16 million - half the money that they will receive from selling the trustee-manager - to buying CRT units on the open market before June 30, 2017.

This S$16 million will include what the sponsor, Croesus Merchants, has to pay for the preferential offering units that it sub-underwrites, as well as the units it already owns. The trustee-manager, Croesus Retail Asset Management, is 64 per cent owned by Croesus Merchants, which in turn is co-owned by Jim Chang and Jeremy Yong. Mr Chang is the CEO of the trustee-manager and Mr Yong is a non-executive director.