SGX piles more pressure on Sabana Reit manager

It asks what non-exec director who resigned meant by "internal dynamics" and if they impacted Reit, unitholders

Anita Gabriel

Published Thu, Mar 2, 2017 · 09:50 PM

Singapore

IT'S not very often that Singapore Exchange (SGX) queries a firm over the resignation of a non-executive director, but that the frontline regulator deemed it fit to do exactly that amid a unitholder rebellion against the manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit), a saga that it is evidently keeping close tabs on, may be telling.

On Monday, Sabana Reit's manager, Sabana Real Estate Investment Management, announced the resignation of Ng Shin Ein from the board effective May 23. The contents of the resignation letter piqued great interest as Ms Ng cited "certain internal dynamics" that have hampered her ability to contribute to the Reit manager, compounded further by unhappy unitholders' action to kick out the manager.