SINGAPORE - EC World Asset Management Pte. Ltd., as manager of EC World Real Estate Investment Trust ("ECW") (the "Manager") is pleased to announce that it is proposing to appoint Mr. Alvin Cheng as the Executive Director and Chief Executive Officer ("CEO") of the Manager, pending approval from the Monetary Authority of Singapore. Prior to this proposed appointment, Mr. Cheng served as the Executive Director and Deputy CEO of the Manager.
Mr. Lai Hock Meng will be stepping down from the CEO position to pursue personal and other business interests, but he will remain on the Board of the Manager as a Director.
Said Mr. Zhang Guobiao, Chairman of the Board of the Manager, "Alvin has had a distinguished career in REIT management and corporate finance, and he brings with him deep experience and understanding of the REIT sector. We are delighted to have him leading the management team going forward."
"On behalf of the Board, we will also wish to express our sincere appreciation for Mr. Lai for his commitment, valuable contributions towards the success listing of ECW last year and his leadership since the IPO."
Mr. Cheng said on his proposed appointment, "during the past few months, I have got to further appreciate the potential of the ECW platform and the opportunities that lie ahead to create value for our unitholders. I am privileged to be given the opportunity to lead the Manager and I look forward to building upon the solid groundwork laid by Mr. Lai."
DBS Bank Ltd. was the sole financial adviser, global coordinator and issue manager for the initial public offering of EC World REIT. DBS Bank Ltd., Bank of China Limited, Singapore Branch, China International Capital Corporation (Singapore) Pte. Limited and Maybank Kim Eng Securities Pte. Ltd. were the joint bookrunners and underwriters for the initial public offering of EC World REIT.
About EC World REIT
Listed on 28 July 2016, EC World REIT is the first specialized logistics and e-commerce logistics REIT listed on Singapore Exchange Securities Trading Limited ("SGX-ST"). With its initial portfolio of six quality properties located in one of the largest e-commerce clusters in the Yangtze River Delta, EC World REIT offers investors unique exposure to the logistics and e-commerce sectors in Hangzhou, the People's Republic of China ("PRC").
EC World REIT's investment strategy is to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for e-commerce, supply-chain management and logistics purposes, as well as real estate-related assets, with an initial geographical focus on the PRC. For more information, please visit: http://www.ecwreit.com/
EC World REIT is managed by EC World Asset Management Pte. Ltd., which is an indirect wholly-owned subsidiary of the Sponsor - Forchn Holdings Group Co., Ltd. Established in 1992 and headquartered in Shanghai, the Sponsor is a diversified enterprise group specialising in the real estate sector, industrial sector, e-commerce, logistics and finance. For more information, please visit www.forchn.com.cn
For queries, please contact:
Citigate Dewe Rogerson, i.MAGE Pte Ltd
Ms Chia Hui Kheng / Ms Deborah Lim
Office hours: +65 6534 5122
After office hours: +65 9690 38 41 / +65 9639 1722
Email: [email protected] / [email protected]
Corporate Investor Relations
EC World Asset Management Pte. Ltd.
Mr. Jinbo Li
Tel: +65 6221 9018
Email: [email protected]
The value of the Units and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by the Manager, DBS Trustee Limited (as trustee of EC World REIT), or any of their respective affiliates.
An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Unitholders have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.
This announcement may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of EC World REIT. The forecast financial performance of EC World REIT is not guaranteed. A potential investor is cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events.