SINGAPORE (Jan 15): The manager of Sabana Shari'ah Compliant Industrial REIT (Sabana REIT) says it has identified a candidate to be appointed as CEO and has submitted an application to the MAS for approval.

The announcement was made after the Singapore Exchange last Friday queried Sabana REIT's manager on its progress in appointing a new CEO as well as setting up an audit committee comprising of at least three members.

See: Sabana REIT manager CEO Xayaraj steps down; acquisition of 47 Changi South Ave 2 aborted

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Sabana Real Estate Investment Management (SREIM) also revealed it had found it challenging to recruit a suitable candidate who was willing to be the CEO of the manager while discussions with ESR Funds Management (S) in its capacity as manager of ESR-REIT to explore options in connection with the strategic review exercise were still ongoing.

"Prospective candidates were also concerned that their potential tenure as CEO might be very short and lack a strategic mandate in the event any potential proposal from the ESR-REIT Manager materialises," says SREIM in its replies to the SGX query on Monday night.

As announced on Nov 25, 2017, the discussions with the ESR-REIT Manager have ended.

See: Sabana REIT ends talks with ESR-REIT; to identify suitable assets for disposal

SREIM says once the new CEO and the new third independent non-executive director are appointed, the strategic review will cease.

However, the manager will remain open to considering proposals from prospective strategic partners.

Units in Sabana REIT closed 1 cent higher at 41 cents.