On Nov 12, Sabana Shariah Compliant Industrial REIT issued a scheme document as part of its merger with ESR-REIT. In it was the advisory from Deloitte & Touche Corporate Finance, Sabana REIT’s independent financial adviser (IFA). It says: “Based on our analysis and after having considered carefully the information available to us, we are of the opinion that the financial terms of the merger are fair and reasonable. Accordingly, we advise the Sabana Independent Directors to recommend that the Sabana Unitholders vote in favour of the Scheme Resolution.”

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