The net asset value of MCT units will increase to $1.81 after the merger with MNACT

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Staff reporter

, Singapore

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

The net asset value (NAV) of each unit of Mapletree Commercial Trust (MCT) could have fallen from $1.69 to $1.81 had it been able to complete its merger with Mapletree North Asia Commercial Trust (MNACT) on March 31, 2022, the MCT director said in response. to questions from their unitholders.

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

Given a 5.0% appreciation of the HKD, RMB or JPY against the SGD, the NAC for each MCT unit is expected to increase by $0.02, $0.02 or

Meanwhile, the merger is also expected to impact the overall leverage for MCT unitholders on a FY21/22 basis of 33.5% to 37.5% assuming all unitholders elect to receive the consideration in certificates only; 33.5% to
38.8% if the consideration in cash and certificates has been chosen; and 33.5% to 38.8% if unitholders elect cash consideration only.

MCT’s director said he was “comfortable with overall debt levels of 37.5% to 38.8% post-merger” as this “leaves MCT well below the MAS guideline of 50.0% and a comfortable leverage margin of over S$3.9 billion to capture potential acquisition opportunities.”

Learn more about MCT’s responses to shareholder concerns about its upcoming merger here.

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