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.