Malayan Banking Seeks Court-Appointed Interim Judicial Manager for Dasin Retail Trust Management Pte Ltd

Key Developments:

• Malayan Banking Berhad, Singapore Branch (“Maybank”) has commenced court proceedings to appoint an Interim Judicial Manager for Dasin Retail Trust Management Pte Ltd (“Dasin RTM”) in its own capacity and as trustee-manager of Dasin Retail Trust.
• This action is being brought under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 and specifically references Sections 90 and 91 of the Act, indicating serious financial distress or insolvency concerns regarding Dasin RTM.
• The application, HC/OA 68/2026 and HC/SUM 274/2026, was filed on 16 January 2026. The hearing date is yet to be fixed.
• The court documents seek the appointment of Tan Jun Zhang, Solomon of Argile Partners Pte. Ltd. as Interim Judicial Manager, granting him wide-ranging powers over the company’s assets, operations, and management, including its role as trustee-manager of Dasin Retail Trust.
• Dasin RTM is required to notify all its directors and known creditors regarding this summons, and provide them with the relevant legal papers.

Details of the Application and Powers Sought

The application by Maybank requests the Singapore High Court to empower the proposed Interim Judicial Manager with extensive control, including:

• Taking custody and control of all assets, properties, monies, documents, and records of Dasin RTM, both in its own capacity and as trustee-manager of Dasin Retail Trust.
• Authority to exercise all powers of directors and judicial managers under the relevant Singapore laws (Insolvency, Restructuring and Dissolution Act, Companies Act, Business Trusts Act), as well as the constitution and trust documents of the company.
• Specifically, the Interim Judicial Manager may:
  • Open and manage all company bank accounts, including appointing signatories.
  • Negotiate with creditors and potential investors for a possible scheme of arrangement.
  • Take control of and exercise rights in subsidiaries, joint ventures, associated companies, and other entities in which Dasin RTM holds an interest as trustee-manager of Dasin Retail Trust.
  • Appoint or remove directors, officers, or agents of the trust-related entities, subject to applicable laws and constitutional documents.
  • Demand and obtain all books and records from auditors, accountants, company secretaries, customers, suppliers, advisors and agents.
  • Continue, manage, or restructure the operations and affairs of the company as deemed fit, including renegotiating or terminating employment contracts of Dasin RTM staff.
• The costs and expenses associated with this application are to be treated as part of the costs of judicial management and payable from the company’s assets, including assets held on trust.
• The application was filed without notice to Dasin RTM, meaning the applicant did not have to inform the company before seeking the court order, underlining the urgency or seriousness of the situation.

Implications for Shareholders and Potential Price Sensitivity

Shareholders and investors should note the following potentially price-sensitive and material information:

• The appointment of an Interim Judicial Manager is a significant event that typically signals acute financial distress, possible insolvency, or loss of confidence in the current management’s ability to resolve the company’s difficulties.
• Should the court approve the application, the Interim Judicial Manager will assume near-total control over Dasin RTM’s operations and assets, including its role as trustee-manager of Dasin Retail Trust. This could fundamentally alter the trust’s strategic direction, asset management, and financial arrangements.
• The application also contemplates the possibility of a scheme of arrangement with creditors or potential investors, which could lead to restructuring of debts, dilution of existing interests, or even sale of trust assets.
• There is a risk of disruptions to business operations, possible reduction in distributions, and changes in key personnel.
• The outcome of the court hearing—still pending—will be a critical factor for the future value and stability of Dasin Retail Trust and related securities.
• All creditors and directors of Dasin RTM are to be formally notified, further indicating a process that could impact multiple stakeholders and potentially trigger cross-defaults or other contractual consequences.

Conclusion

These developments are highly material for shareholders and could have a direct impact on the valuation and trading of Dasin Retail Trust and its related securities. Investors should closely monitor further announcements regarding the outcome of the application and the possible appointment of an Interim Judicial Manager, as these could result in significant changes to the trust’s operations, financial position, and future prospects.

Disclaimer: This article is based on court filings and legal correspondence as of January 2026. It is provided for informational purposes only and does not constitute legal, financial, or investment advice. Investors should conduct their own due diligence and consult professional advisors before making investment decisions. The situation remains dynamic and subject to court determination.

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