SINGAPORE — EC World Asset Management Pte. Ltd., as manager of EC World Real Estate Investment Trust (“ECW”) (the “Manager”) is pleased to announce that it is proposing to appoint Mr. Alvin Cheng as the Executive Director and Chief Executive Officer (“CEO”) of the Manager, pending approval from the Monetary Authority of Singapore. Prior to this proposed appointment, Mr. Cheng served as the Executive Director and Deputy CEO of the Manager.
Mr. Lai Hock Meng will be stepping down from the CEO position to pursue personal and other business interests, but he will remain on the Board of the Manager as a Director.
Said Mr. Zhang Guobiao, Chairman of the Board of the Manager, “Alvin has had a distinguished career in REIT management and corporate finance, and he brings with him deep experience and understanding of the REIT sector. We are delighted to have him leading the management team going forward.”
“On behalf of the Board, we will also wish to express our sincere appreciation for Mr. Lai for his commitment, valuable contributions towards the success listing of ECW last year and his leadership since the IPO.”
Mr. Cheng said on his proposed appointment, “during the past few months, I have got to further appreciate the potential of the ECW platform and the opportunities that lie ahead to create value for our unitholders. I am privileged to be given the opportunity to lead the Manager and I look forward to building upon the solid groundwork laid by Mr. Lai.”
DBS Bank Ltd. was the sole financial adviser, global coordinator and issue manager for the initial public offering of EC World REIT. DBS Bank Ltd., Bank of China Limited, Singapore Branch, China International Capital Corporation (Singapore) Pte. Limited and Maybank Kim Eng Securities Pte. Ltd. were the joint bookrunners and underwriters for the initial public offering of EC World REIT.