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Sabana Reit fields queries on director independence from activist investor, unitholders

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Vivienne Tay

Vivienne Tay

Published Mon, Apr 24, 2023 · 11:04 AM
    • The manager's decision to spend S$20 million to enhance the Reit’s 1 Tuas Avenue 4 asset is among concerns flagged by activist investor Quarz.
    • The manager's decision to spend S$20 million to enhance the Reit’s 1 Tuas Avenue 4 asset is among concerns flagged by activist investor Quarz. PHOTO: SABANA INDUSTRIAL REIT

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    THE manager of Sabana Industrial Real Estate Investment Trust (Sabana Reit) on Monday (Apr 24) disputed some claims from an open letter written by activist investor Quarz Capital, which holds a 14 per cent deemed interest in the Reit’s units as at Mar 8.

    Quarz had raised several concerns over the independence of one of the board directors; the decision to spend S$20 million to enhance the Reit’s 1 Tuas Avenue 4 asset; and a resolution giving the manager a mandate to issue new units.

    In its clarifications on Monday, Sabana Reit’s manager said the allegations towards its independent non-executive director Elaine Lim were “false, untrue and baseless”.

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    Sabana ReitAGM/EGMDisputesQuarz Capital

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