Mapletree North Asia Commercial Trust revision a win for unitholders: OCBC

The change is the most viable for conservative holders, says OCBC Investment Research.

Mapletree North Asia Commercial Trust’s (MNACT) recently announced changes to its trust scheme were rated by OCBC Investment Research to be a boost for unitholders. 

Previously, a joint announcement by both MNACT and Mapletree Commercial Trust (MCT) revealed the addition of a third option, which is a 100% consideration at $1.949 per MNACT unit.

According to the research group, the addition of this option provides unitholders with greater flexibility to stay invested in or opt out. 

To fund the optional cash outlay, MCT will be launching a preferential offering of $2.0039 per unit, with the goal of raising up to $2.2b.

OCBC Investment Research also expected unitholders to face an estimated $1.06 in terms of fair value. Unitholders are expected to sell once the unit exceeds a fair value estimate of $1.19. Otherwise, the shares are expected to sell once the share price exceeds $1.19.