Sabana Reit mulls fund managers' requisition notice asking for EOGM

Published Wed, Nov 11, 2020 · 10:39 AM

THE board of the manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust on Wednesday said it is considering the requisition notice from Quarz Capital and Black Crane Capital and seeking legal advice, adding that it will make further announcements on SGXNet in due course.

This was in response to a letter that it had received on Tuesday, in which the two fund managers requested that the board of directors convene an extraordinary general meeting (EOGM); it had also proposed five resolutions for unitholders to vote on.

Quarz and Black Crane had made the requisition in relation to the proposed merger of ESR-Reit and Sabana Reit through the acquisition by the ESR Reit trustee of all the Sabana units by way of a trust scheme arrangement announced on July 16.

The two fund managers are against the proposed merger of Sabana Reit and ESR-Reit at the current terms of 0.94 ESR-Reit unit for one Sabana Reit.

The Reit said in its bourse filing: "Sabana unitholders and investors are advised to refrain from taking any action in respect of their Sabana units which may be prejudicial to their interests, and to exercise caution when dealing in the Sabana units."