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Companies & Markets

Sabana Reit to hold EGM on April 28

Published Thu, Apr 6, 2017 · 02:07 AM
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SABANA Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) on Thursday issued a notice for an extraordinary general meeting (EGM) set to take place on April 28, 2017.

This came after 66 unhappy unitholders began a campaign in January against the Reit's manager, Sabana Real Estate Investment Management.

Their biggest grievances include falling DPU (distribution per unit), overpriced acquisitions backed by sale and leaseback arrangements, and handsome fee payouts to the Reit manager.

Four resolutions will be tabled at the EGM.

The first calls for Sabana Real Estate Investment Management to be removed as the Reit manager.

The second directs the Reit trustee to incorporate an in-house Reit manager to replace Sabana Real Estate Investment Management.

The third and fourth resolutions order Sabana Reit to be wound up if the Reit manager cannot be replaced.

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