Sabana Industrial REIT set to convene EGM soon

Its trustee and the requisitionists have come to an agreement on proposed resolutions.

Sabana Industrial REIT is finally convening an extraordinary general meeting (EGM).

No final date has been set. Saban Industrial REIT said that it will send out the notice for the requisitioned EGM “in due course.”

In an SGX filing, the REIT revealed that its trustee HSBC Institutional Trust Services (Singapore) has reportedly come to an agreement with the five unitholders of the REIT who have filed the requisition notice to convene the EGM.

Sabana Industrial REIT had earlier postponed an EGM scheduled for 24 May in accordance with a ruling from the high court.

In a letter dated 26 June, HSBC had reportedly stated that it is not possible for it to table certain resolutions– including those related to proposed director appointments for the new internalized manager of Sabana Industrial REIT.

The trustee, addressing the five unitholders who filed the requisition notice for the EGM– referred to as the requisitionists– said that it will be able to table the resolutions proposed by these unitholders if they withdraw their requisition notice. 

It added that this proposal to withdraw the notice will “save costs and avoid the need for having a separate general meeting to consider a further set of resolutions.”

A reply received on 1 July saw the requisitionists agree to proposed amendments to some resolutions whilst requesting that other remaining resolutions be tabled at the requisitioned EGM.