SPH Reit to pay management fee by way of issue of units in SPH Reit

SPH Reit's manager announced after trading hours on Tuesday that it has elected to receive the base fee component of the management fee for the period from Dec 1, 2019 to Feb 29, 2020 in the form of units in SPH Reit.

A total of about 2.5 million units in SPH Reit were issued on Tuesday at the average price of S$1.0438 per unit for the purpose of payment of the base fee.

The issue price per base fee unit is based on the volume-weighted average price per unit for all trades done on Singapore Exchange in the ordinary course of trading for the 10 business days immediately preceding Feb 29.

With the issue of the base fee units, the company's unitholding in SPH Reit is about 69.8 million and the total number of issued units in SPH Reit is about 2.76 billion.

The manager of SPH Reit is wholly owned by Singapore Press Holdings, which publishes The Business Times.