SINGAPORE - The manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) has received a requisition letter from 66 unitholders requesting to convene an extraordinary general meeting (EGM).
The requisition letter contains a number of resolutions which the unitholders want tabled at the EGM, including a resolution to remove Sabana Real Estate Investment Management as the manager.
This comes as a small group of investors has banded together, campaigning to have the trust's manager sacked. The group wants to replace it with an in-house team better aligned with unitholders.
The requisition letter, which comes from a group of unitholders representing approximately 0.6 per cent of the total issued units of Sabana Reit, also included a resolution to wind-up or divest all the properties in Sabana Reit's portfolio, in the event that a new reit manager is appointed but fails to obtain the necessary approvals from the relevant authorities.
The Reit manager said it is seeking legal advice in connection with the letter to assess the validity of the requisition request and to look into the statements made.