Singapore executive moves Sunday: Dasin Retail Trust’s manager taps new chairman

China yuan coins

These are Singapore companies which announced personnel changes on Sunday, 7 November 2021: Dasin Retail Trust.

Dasin Retail Trust

Dasin Retail Trust Management, the manager of Dasin Retail Trust, has tapped Kong Weipeng the non-executive non-independent director of the manager to become chairman of the board, effective 5 November, the trust said in a filing to SGX Sunday.

Zhang Zhencheng, a non-executive non-independent director, has stepped down as chairman, and has been appointed to the Audit and Risk and Remuneration committees, the filing said.

Sonny Tan Hock Sun, an independent director of the trust’s manager, has been appointed as the lead independent director and chairman of the nominating committee, in addition to being a member of the Audit and Risk and Remuneration committees, the filing said.

Cao Yong has ceased to be the lead independent director and has stepped down as the chairman of the Remuneration committee, but remains a member of the remuneration committee, the filing said.

The executive changes followed New Harvest Investments, an affiliate of Sino-Ocean Capital, becoming a controlling shareholder of Dasin Retail Trust’s manager in October after Zhang Zhencheng, age 33, previously the controlling shareholder of the trust’s manager, completed the transfer of his shares.

New Harvest now holds 70 percent of the issued capital of Dasin Retail Trust Management. Sino-Ocean Capital holds 6.36 percent of Dasin Retail Trust via affiliate Glory Class Ventures.

Dasin Retail Trust is a China retail property trust focused on the Guangdong-Hong Kong-Macau Greater Bay Area. The trust’s portfolio had seven retail malls located in the Zhongshan, Zhuhai and Foshan cities in Guangdong, valued at around 11.6 billion yuan, as of end-2020.

 

Follow Shenton Wire on Telegram to receive alerts on your phone