Shareholders raise storm over valuation of Sabana acquisition
Singapore
THE new-found activism of Sabana Syariah-compliant Reit's unitholders who are fed up with the trust manager's underperformance has morphed into a drama never before witnessed in Singapore's otherwise staid Reit space.
One of the "disgusted" and "angry" unitholders Jerry Low, a retired stockbroker who has been invested in the trust since last year, has lodged a complaint with Singapore's white-collar crime buster against three big property valuers - Colliers, Savills and Knight Frank - in relation to their independent valuation of a property to be acquired by Sabana Reit from its sponsor Vibrant Group.
Mr Low, alongside 65 investors who collectively hold a 0.6 per cent stake in the Reit, has asked the Reit manager Sabana Real Estate Investment Management to call for a special unitholder meeting to, among other things, vote on gi…
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