MIT results: https://links.sgx.com/1.0.0/corporate-annou...4810b6e1c9d067e

...due to insufficient funds generated by the EC World REIT group following the novation of underlying leases in respect of Chongxian Port Logistics (“CXPL”), Fuheng Warehouse (“FHCC”) and Fuzhou E-Commerce (“FZDS”), the EC World REIT group is not able to pay the principal and interest expenses due on 30 April 2024 under the Offshore Facilities; and the Manager is still in negotiations with the lenders of the Offshore Facilities to restructure them.

The Manager has not received any indication from the Lenders that they intend to accelerate the existing bank loans under the ECW Facilities at this juncture.

The Manager wishes to update Unitholders that, as at the date of this announcement, approximately S$62.2 million has been repaid using the cash collaterals for the SBLCs and hence approximately S$20.1 million remains outstanding under the Existing SBLC Loans. As a result of the above repayments, the aggregate leverage of EC World REIT has decreased to 55.6% as at 30 April 2024, down from 58.3% as at 31 December 2023. The Manager will continue to explore options to settle the remaining Existing SBLC Loans in order to further reduce EC World REIT’s aggregate leverage