Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT” or the “TRUST”) announced its next extraordinary general meeting to be held on 28th of April this year.
The major agenda for this EGM is the replacement of the existing external Sabana REIT manager with an internalized REIT manager. This replacement of manager only aims at the complete acquisition of the ownership by sabana shari’ah compliant REIT.
This Crucial EGM by REIT Singapore would be marked up by the presence of all 66 unitholders who will cast their vote for the following issues.
Major Issue 1:
Removal of the external REIT manager.
If this issue gets resolved the meeting will move ahead for:
Major Issue 2:
Enjoin the trustee to integrate all the major REIT subsidiaries for the substitution of the existing external manager with a qualified internal candidate.
If the above-stated issue doesn’t get resolved the meeting will wind up if yes the trustee will move ahead towards the voting procedure for the appointment of the new highly trustable internalized REIT manager.
However according to the flyer issued by the Sabana Shari’ah Compliant REIT the vote casting “may trigger various breaches of obligations, events of default and early redemption obligations under the financing arrangements implemented by Sabana REIT,”
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