Sabana Reit independent director resigns after merger with ESR-Reit hits the skids
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SABANA Reit's independent director Ng Shin Ein has resigned to pursue other interests, after the proposed merger between ESR-Reit and Sabana Reit fell through last Friday.
In a filing to the Singapore Exchange on Monday night, the Reit's management said: "Ms Ng believes that scaling up is the right way forward for Sabana Reit, given the limitations of its portfolio and the uncertainties of the external environment."
"She respects that some unitholders prefer breaking up the portfolio or stripping the Reit of its best assets to recognise a one-off gain. However, she believes that this is not in the best interest of the Reit and longer-term investors."
She will step down on Dec 31. She was appointed to the position in August last year.
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