Trading of Dasin Retail Tr has been halted on the Singapore Exchange (SGX) due to the trust’s failure to meet listing requirements, including the timely release of financial statements and the holding of annual general meetings (AGMs). The trustee-manager disclosed this in a Monday (Jul 21) filing, citing prolonged non-compliance.

SGX regulations mandate issuers to promptly disclose full-year and quarterly financial results upon completion, as well as conduct AGMs within four months of the fiscal year-end. However, since Q3 2023, Dasin Retail Trust’s Chinese subsidiaries have withheld critical financial data—such as accounting records, balance sheets, and related-party transactions—necessary for preparing consolidated financial statements for FY2023, FY2024, and subsequent quarterly reports.

Compounding the issue, personnel overseeing the trust’s retail mall rent rolls have refused to provide essential documentation for property valuations. These investment properties represent the group’s largest assets in its financial statements as of Dec 31, 2023, and 2024. Consequently, the trust has not released audited financials or convened AGMs since FY2021.

The trustee-manager further warned of “significant risks” to the trust’s assets, including potential impairments, following irregularities involving its China operations. These include questionable fund transfers, unauthorized lease agreements, misdirected rental income, and loan covenant breaches.

Adding to the uncertainty, the Singapore High Court’s six-month moratorium—granted on Jan 14 to shield the trust from winding-up petitions and legal actions—expired on Jul 13. During this period, no enforcement orders, asset seizures, or lease violation claims could proceed without court approval. The trustee-manager was also required to submit regular valuation reports and financial updates, though compliance remains uncertain.

With insufficient data for unitholders to assess the trust’s financial health, the trustee-manager cautioned against trading and pledged further updates if material developments arise. Dasin Retail Trust’s units last traded unchanged at S$0.020 before the suspension.