Home News Company in the news

Quarz Capital emerges as new substantial shareholder at Sabana REIT

Felicia Tan
Felicia Tan7/30/2020 07:05 PM GMT+08  • 1 min read
Quarz Capital emerges as new substantial shareholder at Sabana REIT
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.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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).

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.