On March 19, 2022, Quarz Capital Management has sent a letter to the Monetary Authority of Singapore (MAS) asking the latter to ensure that the manager of Mapletree North Asia Commercial Trust (MNACT) fulfils its fiduciary duty to unitholders of the real estate investment trust (Reit). Quarz has said it thinks the deal undervalues the Company's assets. In its letter, the activist asset manager called it ‘puzzling' that the Company's manager did not conduct a robust and transparent sale process and (did) not seek or solicit offers from other parties to obtain the best possible price in line with its fiduciary duty to protect the interest of its unitholders.

Quarz Capital stated that it respectfully and urgently seeks MAS support to protect unitholders' interest by ensuring that the Company manager fulfils its fiduciary duty and negotiates a better offer with the MCT manager or conducts a robust and transparent process where all third parties can undertake due diligence and bid in a fair and unbiased process for the Company assets.