Sabana Industrial REIT Trustee sees “little value” in convening an EGM now

Further announcements will be made in due course.

Sabana Industrial REIT's Trustee said that it sees “little value and utility” in convening an extraordinary general meeting (EGM) to consider the requisitioned resolutions from requisitionists.

Sabana Industrial REIT reportedly received two separate letters– one of 7 February and one on 19 February– seeking to modify resolutions proposed in a requisition notice.

It added that it is considering both letters and is seeking legal advice. 

“The Trustee intends to convene an extraordinary general meeting when all the material workstreams of the internalisation are ready, so that unitholders can debate, considerand approve, if appropriate, a complete internalisation plan that is capable of implementation,” stated HSBC, the trustee of Sabana Industrial REIT, in a letter addressed to the requisitionists that include Quarz Capital Asia (Singapore) and other unitholders. 

Earlier on 7 February, the manager received a letter from the requisitionists requesting to withdraw and/or modify some of the resolutions proposed in the Requisition Notice.

Further announcements will be made on SGXNET in due course, the REIT said.