Natural Cool Holdings has on June 9 received a letter of demand from landlord Mapletree Logistics Trust seeking $1.42 million in rental in arrears.

The property, which has a net lettable area of 19,708 sqm, is occupied by Natural Cool for its operations and is at 29 Tai Seng Avenue (picture).

No legal actions have commenced yet, says Natural Cool in its June 10 SGX announcement.

It is in discussion with MLT to “work towards a mutually acceptable and amicable resolution to this matter.”

Natural Cool reported a loss of $5.6 million for FY2021 ended Dec 2021, reversing from earnings of $1.27 million for the preceding FY2020. The bottomline was partly weighed down by “other expenses” of $5.6 million, including impairment.

Revenue for the same period was $148 million, down 23.1% from FY2020.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/reits/capitaland-ascott-trust-completes-divestment-four-properties-france-eur444-mil?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>CapitaLand Ascott Trust completes divestment of four properties in France for EUR44.4 mil</a></b></span>

Natural Cool last traded at 3.9 cents, down 2.5% year to date, giving it a market value of $9.8 million.

MLT owns a portfolio of 183 properties valued at $13.1 billion as at March 31.

MLT last traded at $1.67, down 1.76% for the day and down 11.17% year to date.

Natural Cool receives demand from Mapletree Logistics Trust for rental arrears of $1.42 mil

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Natural Cool receives demand from Mapletree Logistics Trust for rental arrears of $1.42 mil

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