Sabana Reit appoints hedge fund chief as non-executive director

SABANA Shari'ah Compliant Reit (Sabana Reit) on Wednesday appointed Singapore-based hedge fund founder Chan Wai Kheong as an independent non-executive director of the company.

Mr Chan, chief executive and founder of Charlie Chan Capital Partners since 2011, has also been appointed a member of Sabana Reit's audit and risk committee as well as a member of the nominating and remuneration committee, said the company in a bourse filing.

His appointment will be subject to independent unitholders' approval at or before the company's annual general meeting.

As at Wednesday, Mr Chan has a total interest in 4.64 million Sabana Reit units representing about 0.4 per cent of the total number of units in the company. He holds a direct interest in 4.63 million units and a deemed interest in 10,000 units held through Oakgrove Pte Ltd, an investment holding entity owned by Mr Chan and his wife.

The 61-year-old has over 35 years of management and operational experience in the financial sector. He was previously a trader at Credit Suisse before starting his own business.

Units of Sabana Reit closed up 0.5 Singapore cent or 1.2 per cent to 42 cents on Wednesday.