Link: https://links.sgx.com/1.0.0/corporate-announcements/GNKELEE71IK1WSL3/aa203e61e84c52cf6948e74ae42b462ddb8226bc4686fddae715a6471b89868d

Summary:

• EC World REIT reported lower year-on-year operating performance for the first quarter of FY2025, marked by significant decreases in gross revenue and Net Property Income.
• A major challenge highlighted is the accrued overdue rent receivables from the Sponsor Group, exceeding RMB647.2 million (S$119.4 million), for which a Master Offset Agreement is being negotiated.
• The REIT's financial position shows that it has exceeded the gearing limit set by MAS and breached a financial covenant under the Offshore Facility Agreement.
• As a result of insufficient funds and its financial situation, EC World REIT will continue to suspend distributions, and the trading of its units remains suspended.
• The reorganisation filing by the Sponsor, Forchn Holdings Group Co., Ltd., adds uncertainty to the situation regarding potential changes in control.