Activist investor Quarz Capital Management has emerged as a new substantial shareholder at Sabana Shari’ah Compliant Industrial REIT (Sabana REIT).

According to a July 30 filing, Quarz bought 5,700 shares at a total cost of $2,166 via market transaction.

This brings Quarz’s total stake into Sabana REIT to 52.7 million units, or 5%. Any shareholder who has crossed the 5% stake threshold has to disclose its interest on SGX.

In the same filing, Quarz said its interest in the securities of Sabana REIT are currently entirely comprised as deemed in its capacity as investment advisor and fund manager of various funds and accounts.

On July 16, Sabana REIT announced its merger with ESR-REIT. Following the completion of the merger, the enlarged REIT will have total assets amounting to some $4.1 billion.

The merger between both REITs will be via a trust scheme which requires minority unitholders of Sabana REIT to vote to approve the merger. The voting will be conducted during Sabana REIT’s extraordinary general meeting (EGM).

ESR Cayman which holds around 20.88% of Sabana REIT and Tong Jinquan who owns 3.30% will not be able to vote. 

Units in Sabana REIT closed 0.5 cents lower, or 1.3% down, at 38 cents on Thursday (July 30).