Singapore

FUND managers Quarz Capital and Black Crane Capital, in a letter sent on Tuesday and seen by The Business Times, have made a requisition to the board of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's (Sabana Reit) manager to convene an extraordinary general meeting (EGM).

Quarz and Black Crane advise entities that collectively hold more than 11 per cent of Sabana Reit. The two fund managers are against the proposed merger of Sabana Reit and ESR-Reit at the current terms of 0.94 ESR-Reit unit for one Sabana Reit.