Be cautious on dealing with Dasin Retail Trust units, SGX Reg Co warns

An individual is suspected of buying Dasin units to maintain its unit price.

Singapore Exchange Regulation (SGX RegCo) warned investors and potential investors to be cautious when dealing with Dasin Retail Trust’s units due to recent developments in trading activity.

In its review of trading activity, SGX RegCo found that an individual seemed to be buying Dasin units to maintain its unit price.

“The purchasing activity of the individual was particularly unusual and aggressive following negative announcements by Dasin regarding the receipt of notices of demand,” said the bourse’s regulation body.

The following announcement are as follows:

a. On 11 August 2023, Dasin announced the receipt of a notice of demand dated 4 August 2023, issued by Bank of China Limited, Singapore Branch, declaring that events of default had occurred and are continuing under Offshore Facility 3. The total outstanding amounts of SGD 55,633,270.12 and HKD 297,621,110.51 under the Offshore Facility 3 as at 25 July 2023 plus all additional interest and applicable default interest calculated in accordance with the Offshore Facility 3 until payment is made, plus indemnity obligations arising under the Finance Documents (as defined in the Offshore Facility 3), are immediately due and payable by the Trustee-Manager, the 11 August 2023 announcement said.

b. On 14 August 2023, Dasin announced the receipt of a notice of demand dated 10 August 2023, issued by Malayan Banking Berhad, Singapore Branch, declaring that one or more events of default has or had occurred and are continuing under Offshore Facility 1. The outstanding principal sums of USD 129,882,010.94 and SGD 234,143,891.63 plus interest (including default interest) of USD 6,797,094.58 and SGD 10,803,367.71 as at 10 August 2023 (which shall continue to accrue until full repayment is made) are immediately due and payable by the Trustee-Manager, according to the 14 August 2023 announcement.

SGX RegCo said the individual’s purchase activity happened when there were seven instances when Dasin unit price fell to intraday lows,.

“In particular, when Dasin’s unit price fell to an intraday low of $0.063 on 16 August 2023, the individual made purchases that pushed up the unit price by $0.029 or 46% to close at $0.092. Our initial findings suggest that the individual appears to be connected to Dasin,” said SGX RegCo.

Authorities have been referred to the said matter to conduct needed actions.

Follow the link s for more news on

Dasin Retail Trust

SGX RegCo

Stocks Trading

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia