Between Jun 10 and 13, Mapletree Industrial Trust Management non-executive director Chua Tiow Chye acquired 250,000 units of Mapletree Industrial Trust (MIT) : ME8U +1.63% at an average price of S$2.49 per unit.

 

With a consideration of S$621,382, this increased his deemed interest from 0.05 per cent to 0.06 per cent. It followed his acquisition of 200,000 units at S$2.49 per unit on Feb 7 and 200,000 units at S$2.60 per unit on Jan 26.

 

Chua is also the deputy group CEO of Mapletree Investments, the sponsor of MIT. He focuses on driving the sponsor&rsquo s strategic initiatives including expanding and directing the sponsor&rsquo s international real estate investments and developments. He also directly oversees the sponsor&rsquo s global lodging sector as well as the private capital management function.

 

For the FY22 (ended Mar 31), MIT reported its gross revenue and net property income increased 36.4 per cent and 34.5 per cent year on year to S$610.1 million and S$472.0 million respectively. MIT owns 141 properties, comprising 85 properties in Singapore and 56 properties in North America, which includes 13 data centres in North America held through the joint venture with the sponsor.

 

On Feb 7, Mapletree Industrial Trust Management non-executive director Chua Tiow Chye acquired 200,000 units of Mapletree Industrial Trust Mapletree Ind Tr: ME8U -1.17% (MIT) at an average price of S$2.49 per unit.

 

With a consideration of S$498,500, this increased his deemed interest from 0.04 per cent to 0.05 per cent. This followed Chua' s acquisition of 200,000 units of MIT at an average price of S$2.60 per unit on Jan 26.

 

Chua is also the deputy group CEO of Mapletree Investments Pte Ltd, the sponsor of MIT.

 

With the Q3FY21/22 (ended Dec 31) financials released on Jan 25, the CEO of Mapletree Industrial Trust Management, Tham Kuo Wei, noted that the resumption of the distribution reinvestment plan with the Q3FY21/22 distribution will help to finance the redevelopment of the Kolam Ayer 2 Cluster and provide greater financial flexibility to seize investment opportunities.

 

The distribution reinvestment plan enables MIT unitholders to acquire new units without incurring additional transaction related costs.

 

At the same time the issue of units in lieu of cash distributions is expected to strengthen MIT' s balance sheet, help finance the progressive funding needs of development projects and accord MIT greater financial flexibility to pursue growth opportunities as part of MIT' s proactive capital management efforts.