Dasin Retail Trust's Shiqi Metro Mall, which is expected to be inducted by mid-2017. (Photo: Dasin Retail Trust)Dasin Retail Trust's Shiqi Metro Mall, which was inducted in mid-2017. (Photo: Dasin Retail Trust)

Dasin Retail Trust announced on 20 February that its trustee-manager has been served with a winding up petition.

The petition was filed by Zhang Guiming, the nephew of Zhang Zhencheng, who sits on Dasin Retail Trust’s board.

It was served on the trustee-manager on 19 February 2024 past 5 pm and as such, is deemed to have been served on 20 February 2024, it said.

The trustee-manager is seeking legal advice in respect of the winding-up application, and intends to dispute Zhang Guiming’s claims.

Furthermore, Dasin Retail TRust will take steps to stay the winding-up application pending the resolution of the dispute with Zhang Guiming, it added.

The trustee-manager will make further announcements in the event there are any material developments which warrant disclosure, the trust added.

Earlier in the week, the trustee-manager had said that the extraordinary general meeting (EGM) that was held on 19 February was invalid.

The EGM was held to remove the trustee-manager and it was called by a group of investors.

Dasin Retail Trust finished the trading day on 20 February about 43% lower from its previous close to end at SGD0.026.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.