The REIT is expected to repay the outstanding amount of its existing bank loans in full by then. The extension is said to be conditional upon the refinancing exercise being successfully completed by May 31.

As at May 1, the REIT owes some $75.7 million, which is in line with what was disclosed in its announcement on March 17.

“Based on the current progress, the manager expects the refinancing exercise to be completed by May 31 with new conditions for the settlement of the mandatory repayment to be agreed to as part of the refinancing exercise,” says the manager in its May 1 statement.

Zhang Guobiao, the chairman of the REIT’s sponsor has also provided “personal guarantees” in respect of the full outstanding amount that the REIT owes. The personal guarantees have been entered into on April 28.

Units in EC World REIT closed 1 cent lower or 3.39% down at 28.5 cents on April 28.

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