Sabana unveils steps to soothe unitholders
CEO of trust manager quits; measures include one-time base fee cut, dropping of acquisition; Q1 DPU falls 24%
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Singapore
RATTLED unitholders of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust who fought valiantly but lost their bid to unseat the Reit manager, should have been more dispirited to hear Tuesday's news that the Reit fared poorly - again - in the first quarter with distribution per unit down 24 per cent.
Far from it. For the first time in months since irate unitholders campaigned for the Reit manager to raise its game and were defeated at a crunch shareholder meeting, they were overcome by a celebratory mood.
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