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  1. What is a Business Trust ("BT")?

    A Business Trust is a trust that runs and operates a business enterprise. Registered business trusts must have a trustee-manager whose role is to safeguard the interests of beneficiaries (referred to as 'unitholders' under the Business Trusts Act) of the trust and to manage the business of the trust.

    In Singapore, the business trusts ("BTs") are registered under the Business Trust Act, Chapter 31A of Singapore and regulated by the Monetary Authority of Singapore ("MAS").

    Like a company, a BT operates and runs a business enterprise. However, BTs are distinctively from companies in the following ways:

    1. Unlike a company, BT is not a separate legal entity. It is created by a trust deed under which the Trustee-Manager has legal ownership of the trust assets and manages the assets for the benefit of the beneficiaries of the trust.
    2. While companies are restricted by paying dividends out of accounting profits, there are no such restrictions on trusts. BTs are able to pay distributions to their investors from their surplus operating cash flow. Hence, the distribution per unit ("DPU") of a BT can be in excess of its earnings per unit.

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  2. How is Business Trust different from Real Estate Investment Trust (REIT) and Company?


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  3. What is Accordia Golf Trust ("AGT")?

    AGT is the first business trust comprising investments in golf course assets in Japan and is listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") on 1 August 2014.

    AGT is primarily involved in the principal investment strategy of investing, directly or indirectly, in the business of owning a portfolio of stabilised, income-generating golf courses, driving ranges and golf course related assets worldwide, with an initial portfolio focus in Japan.

    AGT's initial portfolio comprises 89 golf courses (including golf course related assets relating to such golf courses) located across Japan ("Initial Portfolio"). Approximately 70% of the Initial Portfolio are located in the three largest metropolitan areas in Japan, namely, The Greater Tokyo Region, the Greater Nagoya Region and the Greater Osaka Region. As the 31 December 2017, AGT's total appraisal value stood at 149.24 billion.

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  4. What is AGT's Hedging Policy?

    AGT receives its distributable income in Japanese yen and pays out its distribution in Singapore dollars (SGD) to Unitholders.

    Currently, AGT does not have any hedging policy but is actively monitoring the currency market to ensure its decision made is at the interest of Unitholders.

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  5. What is AGT's Distribution Policy?

    Business Trusts are allowed to pay distributions to investors out of operating cash flow, unlike companies which can only pay dividends out of accounting profits.

    AGT distribute its distribution on a half-yearly, with the amount calculated as at 30 September and 31 March in each year for the six-month period ending on each of those dates.

    The actual distribution payment amount will be payable within 90 days after the half-yearly closing.

    1st half financial results ending 30 June Mid-end December
    2nd half financial results ending 31 March Mid-end June

    AGT's policy is to distribute at least 90% of its distributable income, if any, to Unitholders.

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  6. When is AGT's financial year end?

    AGT's financial year end is 31 March.

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  7. Where is AGT's stock traded and what is the stock symbol?

    AGT is listed on the Main Board of the SGX-ST and trades under the stock symbol "ADQU".

    For more information on its stock price performance, it can be found in:

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  8. What is the trading currency and the minimum trading lot?

    AGT's trading currency is in Singapore dollars and the minimum trading is 100 units per lot.

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  9. Is the distribution income subject to any tax?

    A trust registered under the Business Trusts Act will be treated like a company for income tax purposes at corporate tax rate. The income of a registered business trust is taxable at the trustee level. It is a final tax and the Unitholders of the registered BT will not be taxed on their entitlement of trust income for individual investors who are residents of Singapore.

    There is no need to withhold tax on dividend payments, even if there are withholding tax rates ascribed to dividends in some of our tax treaties. Singapore currently does not impose withholding tax on dividends.

    For more information on tax, please refer to

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