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ESR, Quarz dispute level of investor support for Sabana Reit’s manager internalisation

Market regulators should ensure loans that restrict any changes in a Reit’s manager or its ownership are not a ‘poison pill’

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Ben Paul

Ben Paul

Published Mon, Aug 14, 2023 · 05:00 AM
    • ESR Group says the majority of unitholders – excluding itself, Quarz and Volare – had voted against the two resolutions at the recent EGM
    • ESR Group says the majority of unitholders – excluding itself, Quarz and Volare – had voted against the two resolutions at the recent EGM PHOTO: BT FILE

    THE outcome of the extraordinary general meeting (EGM) of Sabana Industrial Real Estate Investment Trust (Sabana Reit) unitholders on Aug 7 was clear.

    Resolution 1, which calls for the removal of Sabana Reit’s existing manager, passed with 397.4 million units (or 57.5 per cent) voting in favour and 294.2 million units (or 42.5 per cent) voting against.

    Resolution 2, which directs Sabana Reit’s trustee to set up an internal manager, passed with 384.5 million units (55.6 per cent) voting in favour and 307 million units (44.4 per cent) voting against.

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    BT CorrespondentsSabana ReitQuarz CapitalESR CaymanDisputesAGM/EGM

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