Sabana Reit to lower 2017 convertible sukuk's conversion price after rights issue

SABANA Shari'ah Compliant Industrial Real Estate Investment Trust (Reit) will adjust the conversion price of its S$80 million principle amount of 4.5 per cent convertible sukuk due 2017 to S$0.8628 per unit from S$1.0131 per unit if a planned S$80.2 million rights issue is completed.

The rights units, which will be issued at S$0.2580 per rights unit, are expected to be issued on Jan 25, 2017.

Sabana Reit's stock closed at 45 Singapore cents on Dec 23.

The rights issue, which was announced on Dec 20, is being undertaken to help fund the acquisition of three properties in Singapore.