Sabana REIT EGM to be held on April 28; REIT may be in default if manager voted out

SINGAPORE (April 6): The manager of Sabana Shariah Compliant Real Estate Investment Trust announced this morning that the extraordinary general meeting requisitioned by 66 unitholders will be held on Apr 28.

In the circular, the resolutions to be voted on are similar to those put forward by the requisitioning unitholders. The overall objective of the resolutions is to replace the existing external REIT manager with an internalised REIT manager to be wholly-owned by Sabana REIT, and if the internalised REIT manager is not approved by the Monetary Authority of Singapore, for Sabana REIT to be wound up.

Resolution 1 is to remove the manager. The other resolutions depend on the outcome for Resolution 1. Resolution 2 is to instruct the trustee to incorporate a wholly-owned subsidiary to replace the manager for the purpose of internalising the manager REIT management function and search for qualified candidates to be appointed as the directors of the internalised REIT manager.

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