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EC World Real Estate Investment Trust ANNUAL REPORT 2016
In particular, the procedures in place include the following:
Interested Person Transactions
1
Approving Authority, Procedures and Disclosure
Approval Authority
S$100,000 and above per transaction (which singly, or when aggregated with
other transactions
2
with the same Interested Person in the same financial year
is less than 3.0% of ECW’s latest audited net tangible assets/net asset value)
Trustee
ARC
Transaction
2
which:
(a) is equal to or exceeds 3.0% of ECW’s latest audited net tangible assets/
net asset value; or
(b) when aggregated with other transactions
2
with the same Interested
Person in the same financial year is equal to or exceeds 3.0% of ECW’s
latest audited net tangible assets/net asset value
Trustee
ARC
Immediate announcement
Transaction
2
which:
(a) is equal to or exceeds 5.0% of ECW’s latest audited net tangible assets/
net asset value; or
(b) when aggregated with other transactions
2,3
with the same Interested
Person in the same financial year is equal to or exceeds 5.0% of ECW’s
latest audited net tangible assets/net asset value
Trustee
ARC
Unitholders
Immediate announcement
1
This table does not include the procedures applicable to interested person transactions falling under the exceptions set out in Rules 915
and 916 of the Listing Manual.
2 Any transaction of less than S$100,000 in value is disregarded.
3 In relation to approval by Unitholders for transactions that equal to or exceed 5.0% of ECW’s latest audited net tangible assets/net asset
value (whether singly or aggregated), any transaction which has been approved by Unitholders, or is the subject of aggregation with
another transaction that has been approved by Unitholders, need not be included in any subsequent aggregation.
Role of the ARC for Interested Person Transactions
The Manager’s internal control procedures are intended to ensure that Interested Person Transactions are conducted at
arm’s length and on normal commercial terms, and are not prejudicial to ECW and Unitholders’ interests. The Manager
maintains a register to record all Interested Person Transactions which are entered into by ECW (and the basis on which
they are entered into, including the quotations obtained to support such basis).
All Interested Person Transactions are subject to regular periodic reviews by the ARC, which in turn obtains advice from
IA, to ascertain that the guidelines and procedures established to monitor Interested Person Transactions, including
the relevant provisions of the Listing Manual and the Property Funds Appendix, as well as any other guidelines which
may from time to time be prescribed by the SGX-ST, MAS or other relevant authorities, have been complied with.
The review includes an examination of the nature of the transaction and its supporting documents or such other
information deemed necessary by the ARC. If a member of the ARC has an interest in a transaction, he is to abstain
from participating in the review and approval process in relation to that transaction. In addition, the Trustee also has
the right to review such audit reports to ascertain that the Listing Manual and the Property Funds Appendix have been
complied with.
Details of all Interested Person Transactions (equal to or exceeding S$100,000 each in value) entered into by ECW
during FY2016 are disclosed on page 119 of this Annual Report.