SGX RegCo confirms ESR Group Limited's eligibility to vote on Sabana REIT trust deed amendments

The regulator emphasised that no rule bars the sponsor from voting on amendments.

The Singapore Exchange Regulation (SGX RegCo) said all parties affected by the proposed amendments to the Sabana REIT’s trust deed should be able to vote on the matter, including sponsor ESR Group Limited.

In its reply letter dated 18 April and released 22 April, the SGX RegCo emphasised that “any amendments thereto would affect all unitholders, including the Sponsor and its related parties.”

The response letter coincides with Sabana REIT's efforts to internalise its management function, targeted for completion by 3Q24.

SGX RegCo emphasised that, like the August EGM, all unitholders should have the opportunity to vote for amendments.

“Therefore, should an extraordinary general meeting be necessary to consider the Trust Deed Amendments, SGX RegCo is of the view that there is no requirement under the SGX-ST Listing Rules for the Sponsor and its related parties to be disenfranchised from voting on the Trust Deed Amendments,” the regulator said.

SGX RegCo urged all parties to work cohesively and underscored that further delay on the internalisation would not be in the interest of unitholders.