$16 mil of Croesus Retail Trust units to be acquired by trustee-manager as part of internalisation plans

SINGAPORE (June 23): Croesus Retail Trust (CRT) on Thursday announced that at least $16 million of its units will be acquired by Croesus Retail Asset Management (CRAM) as part of the proposed internalisation of its trustee-manager.

CRAM CEO and Executive Director Jim Chang Cheng-Wen and CRAM Non-Executive Director Yong Chao Hsien Jeremy have undertaken to acquire the CRT units from the open market before June 30, 2017.

They will also lock up all newly-acquired units, existing units held by themselves and the sponsor, as well as sub-underwritten units by Evertrust Asset Management, the sole shareholder of CRAM, until June 30, 2018.

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