Sabana Reit sheds new light on ID's dealings with ESR group

Queries raised on Ng Shin Ein's independence; but no credible evidence found showing concert party action

Published Thu, Nov 26, 2020 · 09:50 PM

Singapore

SABANA Reit offered new information last Sunday about its independent director Ng Shin Ein's dealings with ESR group in 2018 and 2019.

These have been a sticking point for activist funds Quarz Capital and Black Crane, which are opposed to a merger between Sabana and ESR-Reit.

Sabana said Ms Ng had owned 40 per cent of Blackwood Investment, which in turn had a 45 per cent indirect interest in Sabana Reit's manager. She sold a 35 per cent stake to ESR in 2018 and the rest in August 2019.

The Business Times understands that Ms Ng's 40 per cent shareholding came after she exercised her right of first refusal (ROFR) to buy over fellow shareholder Bobby Tay's 30 per cent stake when he had attempted to sell it to then-sponsor Vibrant Gro…