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.

In reply, Sabana REIT’s manager pointed out that Chan was proposed by the requisitionists (Quarz Capital and Black Crane) and not ESR Cayman. “The fact that the requisitionists had put up his name and in less than one month after he was appointed as director on 2 June 2021, they are now objecting to his appointment as director on the ground that he has a business dealing with ESR Cayman more than 4 years ago when this is public information is irresponsible of the requisitionists,” Sabana REIT’s manager says. In addition, Quarz Capital has come to realise that Chan holds 5% in AIMS APAC Industrial REIT, also well known in the public domain.

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