MCT SP + MAGIC SP = MPACT SP: Proposed Merger Details & BIG Index Impact

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Forensic Analyst

Jason Yap, CFA

Equity Bottom-Up

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

Mapletree Pan Asia Commercial Trust (MCT SP)

<ul>
<li>On 31 December 2021, MCT and MNACT announced a SGD4.2 billion merger transaction </li>
<li>The prevailing sentiment is that MNACT unitholders get a better deal than MCT unitholders, as reflected in the share price and Moody's review of MCT's issuer rating for downgrade</li>
<li>In this Insight, we play the the devil's advocate and highlight how this merger results in a net benefit to MCT's unitholders</li>
</ul>


On 31 December 2021, MCT and MNACT announced a SGD4.2 billion merger transaction 
The prevailing sentiment is that MNACT unitholders get a better deal than MCT unitholders, as reflected in the share price and Moody's review of MCT's issuer rating for downgrade
In this Insight, we play the the devil's advocate and highlight how this merger results in a net benefit to MCT's unitholders


Mapletree North Asia Commercial Trust (MAGIC SP)

MCT and MNACT Merger - Against Expectations, Could MCT Be a Net Beneficiary?