Dasin Retail Trust: Distribution delay due to Covid restrictions

China yuan coins

The delay in Dasin Retail Trust paying its distribution to unitholders to 4 October from 28 September was due to a delay in processing the remittance of funds from Macau to Singapore, the trust said in a filing to SGX Thursday in response to a query from SGX.

“The remitting bank requires credible witnesses to witness the signing by the authorised signatories and the use of company stamp on the original remittance instructions/forms,” Dasin Retail Trust said in the statement.

“Due to Covid-19 restriction, the witnessing of the signing by the authorised signatories by credible witnesses and courier of the original remittance instruction/forms from Singapore to Macau (bearing the authorised signature and company stamp) were delayed. These have since been provided to and approved by the remitting bank,” the trust said.

In response to a query from SGX on whether China Evergrande’s debt crisis would impact the trust, Dasin Retail Trust said it was unable to comment as it didn’t have full details.

“Nonetheless, this will not have any direct and indirect impact on the Trust’s operations and its ability to meet its short-term obligations as and when they fall due and its ability to obtain refinancing of its term loans,” the trust said. “The group has sufficient cash and cash equivalent and able to generate positive operating cash flow to meet its short-term obligations as and when they fall due.”

Troubled Chinese property group China Evergrande has around US$305 billion in liabilities and last week missed paying US$83.5 million in interest to offshore bondholders, according to a Reuters report Tuesday. Another US$47.5 million coupon payment was due Wednesday, the report said.

Read Dasin Retail Trust’s response to SGX’s queries.