Minority investor protest in ESR-Sabana Reit deal highlights need to focus on more than DPU

THE minority unitholders of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) who are resisting the proposed merger with ESR-Reit have valid grievances.

Yet, it is unlikely that they will succeed in getting better terms, and they do not seem to have sufficient clout to block the deal on their own.

Nevertheless, their efforts might draw closer scrutiny of intra-group Reit mergers, and raise awareness of how minority investors may be short-changed in these transactions.