News

---

SGX RegCo Issues Trade With Caution Alert On Units Of Dasin Retail Trust

Announcement Title	General Announcement
Date & Time of Broadcast	Aug 21, 2023 17:25
Status	New
Announcement Sub Title	SGX RegCo issues Trade with Caution alert on units of Dasin Retail Trust
Announcement Reference	SG230821OTHRZ6T8
Submitted By (Co./ Ind. Name)	SINGAPORE EXCHANGE REGULATION PTE. LTD.
Designation	SURVEILLANCE
Description (Please provide a detailed description of the event in the box below)	Singapore Exchange Regulation Pte. Ltd. ("SGX RegCo") urges investors and potential investors to exercise caution when dealing in units of Dasin Retail Trust ("Dasin"). Dasin's closing price stayed in the $0.089 to $0.094 range in the period between 17 July 2023 and 17 August 2023, when SGX RegCo's review of trading activity showed that an individual seemed to be buying Dasin units to maintain its unit price. The purchasing activity of the individual was particularly unusual and aggressive following negative announcements by Dasin regarding the receipt of notices of demand. Details of the announcements are as follows: a. On 11 August 2023, Dasin announced the receipt of a notice of demand dated 4 August 2023, issued by Bank of China Limited, Singapore Branch, declaring that events of default had occurred and are continuing under Offshore Facility 3. The total outstanding amounts of SGD 55,633,270.12 and HKD 297,621,110.51 under the Offshore Facility 3 as at 25 July 2023 plus all additional interest and applicable default interest calculated in accordance with the Offshore Facility 3 until payment is made, plus indemnity obligations arising under the Finance Documents (as defined in the Offshore Facility 3), are immediately due and payable by the Trustee-Manager, the 11 August 2023 announcement said. b. On 14 August 2023, Dasin announced the receipt of a notice of demand dated 10 August 2023, issued by Malayan Banking Berhad, Singapore Branch, declaring that one or more events of default has or had occurred and are continuing under Offshore Facility 1. The outstanding principal sums of USD 129,882,010.94 and SGD 234,143,891.63 plus interest (including default interest) of USD 6,797,094.58 and SGD 10,803,367.71 as at 10 August 2023 (which shall continue to accrue until full repayment is made) are immediately due and payable by the Trustee-Manager, according to the 14 August 2023 announcement. Following the announcements, between 14 and 17 August 2023, there were 7 instances when the price of Dasin units fell to intraday lows, the individual made purchases that pushed up the unit price. In particular, when Dasin's unit price fell to an intraday low of $0.063 on 16 August 2023, the individual made purchases that pushed up the unit price by $0.029 or 46% to close at $0.092. Our initial findings suggest that the individual appears to be connected to Dasin. SGX RegCo has referred the matter to the authorities for their necessary actions.
DISCLAIMER: This announcement was prepared and issued by the named Issuer/ Manager to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNet for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the named Issuer/ Manager directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement.