Proposed merger between ESR-Reit and Sabana Reit falls through

Published Fri, Dec 4, 2020 · 02:58 AM

THE proposed merger between ESR-Reit and Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) has fallen through.

Exactly a third of the votes cast by Sabana Reit unitholders were against amendments to be made to the Sabana trust deed to allow for the scheme to even take place.

At the extraordinary general meeting (EGM) on Friday afternoon that lasted less than 10 minutes, Tan Cheong Hin, chairman and independent non-executive director of Sabana Reit, said: "As the Sabana trust deed amendment resolution is not carried, the Sabana manager will not be proceeding with the scheme meeting."

Votes representing 192.04 million units or a 33.33 per cent stake were against the resolution, while votes repre…