Sabana Reit unitholders vote against resolution to initiate price discovery process at EGM
They had called for the meeting as they believe ‘significant costs’ have been incurred from the manager internalisation
[SINGAPORE] A resolution tabled by some unitholders of Sabana Industrial Real Estate Investment Trust (Sabana Reit) , aimed at initiating a price discovery process with a view to selling the Reit’s properties, failed to pass at an extraordinary general meeting (EGM) held by its manager on Tuesday (Apr 22).
The resolution, which was tabled by former Sabana Reit director Charlie Chan and other unitholders, garnered 42.84 per cent or 288,170,736 of the total number of votes cast by unitholders. This was less than half the votes required to pass the resolution.
Two other related resolutions also failed to pass at the EGM, which was held at New Tech Park in Lorong Chuan.
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