Key Highlights

• Malayan Banking Berhad, Singapore Branch (“Maybank”) has filed an application (HC/OA 68/2026) to place Dasin Retail Trust Management Pte Ltd (in its capacity as trustee-manager of Dasin Retail Trust) under judicial management.
• The application was formally accepted by the Singapore High Court, with a case conference scheduled for 2 February 2026 at 9:00 AM before a Registrar.
• A supporting affidavit by Loy Teck Wooi and a translator’s affidavit by Wang Jian have been filed to substantiate the application.
• TAN JUN ZHANG, SOLOMON (of Argile Partners Pte. Ltd.) is nominated to be appointed as the Judicial Manager if the application is approved.
• The scope of judicial management includes management of the entire affairs, business, and property of Dasin Retail Trust Management Pte Ltd and the business trust (Dasin Retail Trust) itself.
• The Judicial Manager will be empowered with extensive powers, including all those usually conferred on directors under Singapore law and the trust deed, and will not be required to call any meetings unless deemed necessary.
• The application seeks to achieve one or more of the statutory purposes under Singapore’s Insolvency, Restructuring and Dissolution Act 2018, such as keeping the company as a going concern, facilitating a scheme of arrangement, or enabling a more advantageous realization of assets compared to liquidation.
• Costs and expenses of the judicial management application are to be deemed part of the judicial management process and paid out of company assets, including those held as trustee-manager.
• The Applicant (Maybank) reserves all rights and clarifies that nothing in the correspondence constitutes a waiver.

Details Investors Need to Know

This legal action is highly material and price-sensitive for Dasin Retail Trust and its investors. The initiation of judicial management signals significant financial distress or operational challenges that could threaten the continued existence of the business trust in its present form.

• If judicial management is granted, the current management will be replaced by a court-appointed Judicial Manager, who will have broad powers to restructure, negotiate with creditors, and potentially dispose of assets.
• Possible outcomes include:
  • Restructuring and survival of Dasin Retail Trust as a going concern.
  • A court-approved scheme of arrangement with creditors or stakeholders.
  • Orderly realization and sale of assets, which may affect distributable income and asset values.
• The judicial management process could impact distributions to unitholders, the value of units, and the trust’s ability to operate normally.
• The appointment of a Judicial Manager typically introduces uncertainty regarding the future strategy, asset sales, and recovery prospects, and may trigger further creditor actions.
• Legal costs and expenses will be paid out of trust assets, potentially affecting returns to unitholders.

Implications for Shareholders and Price Sensitivity

This development is likely to have a significant adverse impact on the unit price of Dasin Retail Trust. Judicial management is generally viewed as a last resort for companies facing insolvency or severe financial stress. Investors should closely monitor the outcome of the case conference and subsequent court decisions, as these will affect the trust’s operations, management, and future distributions.

In the event of asset sales or restructuring, there may be changes in the trust’s portfolio, risk profile, and potential returns. There is also a risk of write-downs, reduced income, or even liquidation should the judicial management process fail to restore viability.

All current and prospective investors are urged to exercise caution, review their exposure to Dasin Retail Trust, and await further updates as the court proceedings advance.

Next Steps

• The first case conference is scheduled for 2 February 2026.
• Updates on the acceptance of the Interim Judicial Management (IJM) application and any urgent case management conferences are expected soon.
• Further disclosures will be made as the legal process continues.

Disclaimer

The information in this article is based on official court documents and legal correspondence as of January 2026. It is intended for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any security. Investors are advised to consult their financial advisors and review official company announcements for further details before making any investment decisions. The outcome of the judicial management application and its impact on Dasin Retail Trust remain uncertain and subject to court proceedings.

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