Net asset value for MCT units to increase to $1.81 after merger with MNACT

The estimate is based on the unaudited FY21/22 results of MNACT and MCT.

The net asset value (NAV) of each Mapletree Commercial Trust (MCT) unit could have increased to $1.81 from $1.69 if it was able to complete its merger with Mapletree North Asia Commercial Trust (MNACT) on 31 March 2022, MCT's manager said in response to queries from their unitholders.

The estimated NAC was based on the FY21/22 unaudited financial statement of both MNACt and MCT.

Taking into account a 5.0% appreciation in the HKD, RMB or JPY against the SGD, NAC for each MCT unit is expected to increase by $0.02, $0.02 or <$0.01 respectively.

Meanwhile, the merger is also expected to impact aggregate leverage for MCT unitholders on an FY21/22 basis from 33.5% to 37.5% assuming all unitholders elect to receive the Scrip-Only Consideration; 33.5% to
38.8% if Cash-and-Scrip Consideration has been elected; and 33.5% to 38.8% if unitholders select e CashOnly Consideration.

MCT's manager said it's "comfortable with aggregate leverage levels of 37.5% to 38.8% post-Merger" since it "leaves MCT well below the MAS guideline of 50.0% and a comfortable debt headroom of more than S$3.9 billion to take on potential acquisition opportunities."

Read more of MCT's responses to shareholder concerns on its upcoming merger here.

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