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Mapletree Logistics Trust announces new CEO of the manager, seen by DBS to 'bring continuity'

The Edge Singapore
The Edge Singapore  • 2 min read
Mapletree Logistics Trust announces new CEO of the manager, seen by DBS to 'bring continuity'
Mapletree Logistics Trust's manager announces new CEO. Photo: MLT
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Ng Kiat, CEO of Mapletree Logistics Trust M44U -

's manager, will be stepping down on July 22.

She will be transferred to Mapletree Investments, sponsor of the REIT, to assume new responsibilities.

Ng was appointed CEO of MLT role in 2012.

Jean Kam, who is currently head of investments at MLT's manager, has been appointed CEO of the manager.

She first joined MLT back in June 2014 as its general manager.

In a May 24 note, DBS observes that Ng is known amongst investors as a "decisive leader" of MLT and "is unafraid of making tough decisions" as she led the trust through changing business cycles.

See also: Mapletree Logistics Trust completes divestment of 30 Tuas South Avenue 8

Under Ng's tenure of more than a decade, MLT is now amongst the top 5 largest S-REIT with a market cap of over $6.9 billion dollars, with AUM more than tripling to $13.7 billion.

DBS notes that Kam has been "involved meaningfully" in its growth in the past decade.

Her appointment brings continuity to MLT which is now facing a "challenging" time with operational hurdles in China as well as currency and interest rate headwinds.

See also: Starhill Global REIT enters amendment and restatement agreement with bank that granted it three-year loan of $50 mil

"Investors will cheer that MLT has continued to demonstrate strong bench-strength and promote their “own timber” to lead the REIT," says DBS, which is keeping its "buy" call and $1.75 target price.

MLT ended May 24 at $1.37, down 0.72% for the day and down 19.88% year to date. 

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