Quarz seeks MAS intervention, says MNACT manager has fiduciary duty to seek better price
Singapore
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) fulfils its fiduciary duty to unitholders of the real estate investment trust (Reit).
MNACT and sister Reit Mapletree Commercial Trust (MCT) had on Dec 31 proposed a merger of both Reits. The merger has been criticised by unitholders on both sides.
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