Institutional investor Quarz Capital has fired the latest salvo in a bid to scuttle the merger terms proposed for Mapletree North Asia Commercial Trust (MNACT) and Mapletree Commercial Trust (MCT).

Quarz is now calling on the Monetary Authority of Singapore (MAS) to protect MNACT unitholders from the merger terms, which features “the worst and at the largest discount to NAV in the entire 20-year history of SGX REITs”.

Mapletree Commercial Trust (MCT) and MNACT first announced their intention to merge in December 2021 after an unprecedented days-long trading halt in units of both REITs.