On June 28, Sabana Shariah Compliant Industrial REIT’s manager revealed that an independent director appointed by its nominating committee on June 2 this year, Charlie Chan Wai Kheong, was proposed by Quarz Capital.

Sabana REIT’s manager announced that Quarz Capital - which currently holds 9% of Sabana REIT - wants to requisition an EGM to vote to remove Chan unless endorsed by independent unitholders. Instead Quarz Capital is proposing its own CEO and chief investment officer (CIO) Jan Moermann as a non-independent non-executive director, and CEO and CIO of Black Crane, Peter Kennan, as an independent non-executive director.

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