Singapore

HEDGE fund founder Chan Wai Kheong's appointment by the manager of Sabana Shari'ah Compliant Reit (Sabana Reit) to be its independent non-executive director has met with objections from Quarz Capital and Black Crane Capital - who have proposed that their own chief investment officers (CIOs) be appointed as non-independent, non-executive directors, instead.

The two firms sent a requisition letter to Sabana Reit's manager last Friday, asking to convene an extraordinary general meeting (EGM) for the Reit's independent unitholders to vote on Mr Chan's appointment, as well as that of their CIOs.