MapletreeLog Trust has no plans to raise equity

The manager of Singapore-listed Mapletree Logistics Trust said it currently has no plans for any equity fundraising exercise.

In a filing to the Singapore Exchange, MapletreeLog sought to differentiate itself from its sister entity Mapletree Industrial Trust, or MIT.

MIT said on Friday that it is deferring cash distributions to investors for at least two years because of stricter covenants by the banks.

MapletreeLog said MIT is a private trust, which owns a portfolio of former JTC Corp’s factories and is managed by a different management team.

On the other hand, MapletreeLog is a Singapore-listed REIT and is made up of a pan-Asia portfolio of warehousing and logistics facilities.

MapletreeLog added that its distribution policy remains unchanged. It still plans to distribute at least 90 per cent of its taxable income to the trust’s unitholders.

Source : Channel NewsAsia – 16 Mar 2009

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