Should there be a change in any of the following events, the lender will require the full repayment of the facility agreement by FEHT.
These events include, the REIT manager is not majority owned, directly or indirectly, legally and or beneficially by the members of the Far East Organisation group of companies and or the estate and or immediate family members of the late Ng Teng Fong.
That Far East Organisation and or the immediate family members collectively do not cease to own directly or indirectly, legally and or beneficially, at least 30% of the stapled securities in FEHT except with the prior consent of the lender.
Finally, that the REIT manager resigns or is removed as a manager of FEHT.
FEHT has not specified what the JPY2.4 billion sustainability-linked facility agreement will be used for.
On Feb 20, the REIT said that it is expanding its investing mandate to include overseas properties although the REIT’s primary focus will remain in Singapore, including acquiring the Four Points by Sheraton Nagoya, to ride the growing popularity of Japan as a travel destination.
Units in FEHT closed 1 cent higher or 1.905% up at 53.5 cents on Apr 16.
