The Business Times
business-time-50
SUBSCRIBERS

Sabana Reit unitholders vote against giving manager authority to issue new units

google-preferred-sourceAdd BT as a preferred source
Benjamin Cher

Benjamin Cher

Published Tue, Apr 25, 2023 · 09:57 PM
    • The Reit manager is now unable to fundraise by issuing new units to support asset enhancement initiatives or have flexibility in capital management.
    • The Reit manager is now unable to fundraise by issuing new units to support asset enhancement initiatives or have flexibility in capital management. PHOTO: SABANA INDUSTRIAL REIT

    SABANA Industrial real estate investment trust (Reit) unitholders voted against the fourth resolution authorising the Reit manager from issuing units to make or grant convertible instruments at the company’s annual general meeting held on Tuesday (Apr 25).

    This was one of two resolutions unitholders voted against, the other being the third resolution to endorse Elaine Lim as an independent non-executive director.

    Activist investor Quarz Capital had issued an open letter on Apr 14 calling on unitholders to vote against the third and fourth resolutions at the Sabana Reit annual general meeting. Independent proxy advisory firm Glass Lewis also issued a proxy paper on Mar 29 supporting all the resolutions tabled for the meeting.

    TRENDING NOW

    Longest-serving chief minister Taib Mahmud’s legacy looms large over Sarawak as a family feud over his estate threatens to expose skeleton’s in the eastern state’s political closet.

    On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart

    ​OCBC head of global consumer financial services Sunny Quek says: “All of us (financial institutions) have a wealth strategy. What’s really going to differentiate one bank from another is the execution."

    OCBC consumer banking chief Sunny Quek aims to double wealth business by 2029

    Thailand’s target is to export seven million tonnes of rice globally in 2026, but the Middle East war has turned the world topsy-turvy with supply disruptions, high oil prices and economic uncertainty.

    Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why

    Hengli Petrochemical's refining complex in China's Dalian in 2018.

    Hengli’s ex-Singapore unit dismisses staff after US sanctions, at risk of being wound down: sources

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More