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Concerns raised by Sabana Industrial REIT unitholders over third extraordinary general meeting

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Finance News

Sabana Industrial REIT,Unitholders,Extraordinary General Meeting

Some Sabana Industrial Real Estate Investment Trust (REIT) unitholders are expressing concerns about the requisitioning of a third extraordinary general meeting and are urging the requisitionists to respect the rules stated under the trust deed.

Amongst the points stressed by the unitholders was the importance of a supermajority when amending the trust deed.

Chan also noted that Sabana REIT’s trustee HSBC Institutional Trust Services has filed an application seeking the court’s guidance. Thus, requisitionists should respect the process “so these issues can be heard and decided in an orderly manner.”It was in June 2023 when Quarz requisitioned an EGM, which approved the removal of the existing manager of Sabana REIT and the internalisation of the REIT management.

He emphasised that the structure and setup of the external manager are clearly stated. Furthermore, any possible changes in the trust deed must be approved by an extraordinary resolution, requiring the support of 75% or more of the unitholders present and voting, he added.

 

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