Dasin Retail Trust manager to name new CEO, extends loan facilities

THE trustee-manager of Dasin Retail Trust will appoint Dasin Holdings executive Lily Wang as its new CEO from March, the Mainboard-listed firm announced in a Friday bourse filing. 

Ms Wang will replace current chief executive Li Wen, who is leaving to pursue other interests. She is presently the general manager of the risk management division of Zhongshan Dasin Holdings and the secretary to the board of directors of Zhongshan Dasin Holdings. She had also played a key role in Dasin Retail Trust's listing. 

Prior to that, Ms Wang had served over a decade with Zhongshan Sheng Xing in various positions, such as the secretary to the board of directors, the head of design division, and the head of engineering and technician division. 

Separately, Dasin Retail Trust announced that it has secured a one-year extension on the maturity date of S$102.4 million and US$62 million in loans, under its offshore syndicated term loan facilities. The extension comes at a reduced interest spread of about 100 basis points. 

In a press release, Mr Li said: "The extension also effectively lengthens the average term-to-maturity of the offshore facilities. We would also like to thank our lenders for their continued support for this loan extension and will continue to strive to further improve (the trust's) debt profile."

Dasin Retail Trust's gearing currently stands at 36.4 per cent. The counter closed at S$0.86 on Friday, up 0.59 per cent.