Quarz seeks MAS intervention; says MNACT manager has fiduciary duty to seek better price
Add BT as a preferred source
ACTIVIST fund manager Quarz Capital Management has sent a letter to the Monetary Authority of Singapore (MAS), asking the latter to ensure that the manager of Mapletree North Asia Commercial Trust (MNACT) RW0U fulfils its fiduciary duty to unitholders of the real estate investment trust (Reit).
MNACT and sister Reit Mapletree Commercial Trust (MCT) N2IU had on Dec 31 proposed a merger of both Reits. The merger has been criticised by unitholders on both sides.
Quarz has said it thinks the deal undervalues MNACT's assets. In its letter, the activist asset manager called it "puzzling" that MNACT's manager did not "conduct a robust and transparent sale process and (did) not seek or solicit offers from other parties to obtain the best possible price in line with its fiduciary duty to protect the interest of its unitholders".
TRENDING NOW
ComfortDelGro’s Zig to buy S$10 million worth of BYD cars for private-hire fleet
Singapore telco price war squeezes earnings, strengthens case for StarHub-M1 deal, say analysts
Sats slides 13.6% as investors dump shares on profit-margin squeeze
When every phone becomes a satellite phone, what happens to Asia’s telcos?
