MAS, SGX RegCo look into possible breach of rules in Eagle H-REIT

MAS directs the manager and trustee to safeguard interest of unitholders.

The Monetary Authority of Singapore (MAS) and the Singapore Exchange Regulation (SGX RegCo) are looking into possible breaches of laws, regulations, and listing rules in Eagle Hospitality REIT (EH-REIT), according to an announcement. MAS and SGX RegCo will take regulatory and enforcement actions where appropriate.

MAS also directed the manager and trustee of EH-REIT to protect the rights and interests of unitholders and for the manager to obtain the approval of the trustee before using funds. The manager should also comply with MAS’ requirements, said to be breached from December 2019, by restoring EH-REIT’s minimum base capital and financial resources.

This follows after the voluntary trading suspension of EH-REIT after a defaulted loan of $485.47m, restricting EH-REIT from making payment of declared dividends to its unitholders.

The loan default followed the failure of Urban Commons in making timely rental payments and placing the full sum of security deposits under the master lease agreements with EHT.

SGX RegCo queried the manager of EH-REIT on the circumstances resulting in the voluntary suspension of EHT’s units and asked to make the response public.

Also read: EHT suspends stapled securities trading as $496.11m in loans defaulted

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia