Sabana Reit unitholders vote: external manager out, internal manager in

More than 50% of votes were cast for both resolutions.

After a long dispute between Quarz and ESR Group over the Sabana Industrial Reit situation, the majority of unitholders have finally spoken during the extraordinary general meeting.

The ordinary resolution is:That Sabana Real Estate Investment Management Pte. Ltd. be removed as the manager of Sabana Industrial REIT as soon as practicable after this resolution is passed.

For this resolution, 57.46% voted for it whilst 42.54% voted against the removal of Sabana manager.

The second ordinary resolution is to effect the internalisation of the REIT management function by incorporating a subsidiary wholly owned by the Trustee and appointing such a subsidiary to act as the manager of Sabana Industrial REIT. Over 55% voted for this resolution whilst 44.40% voted against it.

No unitholders were required to abstain from the resolution. Drewcorp Services Pte Ltd was also designatedas the scrutineer at the EGM, which was held at Hope@New Tech Park, 151 Lorong Chuan, #02-06 (Lobby F). 

“As stated in the circular, the manager will comply with its obligations under the relevant law,
including providing such reasonable assistance as it is able to the Trustee during the interim period pending its removal as manager of Sabana Industrial REIT, although there is no assurance that the existing staff of the Manager will remain during the interim period,” read the bourse.

Investor Quarz Capital has been pushing for the internalisation of Sabana Reit’s manager for a “fresh start.” Unit holder ESR Group has also been criticising Quarz’s statements, saying that there will be no cost savings from this development.