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EC World REIT extends trading suspension to resolve ‘uncertainties’

The company said its liabilities have exceeded its assets by $133.2m.

Trading of EC World REIT’s units remains suspended as the company needs more time to resolve the “uncertainties” it is facing.

In a bourse filing, the REIT cited five uncertainties that it still has to deal with.

One of these uncertainties is that the current liabilities of the EC World REIT and its subsidiary (ECW Group) have exceeded its current assets by $133.2m.

The bourse filing also mentioned that the overdue rent receivables owing to the ECW Group by Forchn Holdings Group, the sponsor of EC World REIT, and its subsidiaries, have exceeded RMB145.8m.

The board of the REIT’s manager said it is already evaluating various options for EC World REIT and will provide Unitholders with a further update as and when there are material developments. 
 

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