Dasin Retail Trust (SGX:CEDU) said in a Tuesday filing with the Singapore Exchange that its majority directors disagreed with its minority directors over the decision to replace the legal representative and executive director of its Chinese subsidiaries.
The trust's majority directors replaced Zhang Zhongming as the legal representative and executive director of Zhuhai Xinmingyang Investment and Zhuhai Doumen Dasin Metro-Mall Commercial Management with Wang Peng.
The decision was made amid a lack of progress regarding the collection of receivables from associates of minority directors totaling around SG$14.3 million.
In an Aug. 28 filing, a letter of demand was issued to the minority directors for breaching their duties. This included failure to inform the board and taking action to recover rent in arrears owed by Dasin Metro-Mall to the trust's wholly-owned subsidiary.
The trust is now consulting with its legal advisers to take further steps to ensure Zhang's replacement.
Shares of the retail trust were up over 12% in recent trading.
Price (SGD): S$0.04, Change: S$+0.0040, Percent Change: +12.12%
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