HSBC Institutional Trust Services, the Trustee of Sabana Industrial REIT has announced that the Order 32 Ruling has confirmed the Trustee's position.
The Trustee is not required or obliged to certiy amendments to the Trust Deed. The Trustee's power under Clause 28.2.1 of the Trust Deed to certify amendments to the Trust Deed is in the nature of a discretion to be exercised by the Trustee rather than an obligation.
The Trustee may convene an EGM of Sabana REIT's unitholders to approve amendments to the Trust Deed. The Trustee adds that the Trust Deed is required to be amended to implement the internalisation.
The Court also stated in the Order 32 Ruling that the ESR Entities are prohibited from voting on the amendments to the Trust Deed.
