Sabana Reit's response to Quarz, Black Crane reflects box-ticking culture that pervades market

THE response last week from the manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) to recent letters and public releases from Quarz Capital Management and Black Crane Capital was understandably self-serving.

But it also reflected the apathetic, box-ticking culture that pervades the local corporate sector, and often results in minority investors getting a raw deal.

In particular, in explaining why it should not have to bear the costs of the failed merger with ESR-Reit, as Quarz and Black Crane are demanding, the manager of Sabana Reit took the view that it had no choice but to bring the deal to unitholders.