Sabana Reit EGM will not proceed: manager

THE manager of Sabana Industrial Real Estate Investment Trust (Sabana Reit) will not be issuing a notice of the postponed extraordinary general meeting (EGM) further to the requisition notice, it announced on Monday (Jun 3).

The manager said that the requisitionists “are proposing entirely new and different resolutions”, despite their request in an earlier letter dated May 29 to modify the resolutions proposed in the requisition notice.

Therefore, given the circumstances, the requisitionists’ letter “amounts to a withdrawal of the requisition notice”, noted the manager.

This comes after May 23’s announcement that the EGM scheduled for the following day and requisitioned by unitholders led by Quarz Capital Asia was postponed.

The Singapore High Court had ruled that the manager was to issue a notice for the postponed meeting by Thursday, unless the requisitionists withdrew their notice calling for the EGM.

The manager added that it is considering the new resolutions proposed in the May 29 letter and is seeking legal advice.

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Units of Sabana Reit ended the day at S$0.355, down S$0.005 or 1.4 per cent.