Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana REIT)

SGX RegCo teams up with professional body of valuers to tackle problem of questionable valuations

SINGAPORE (Jan 28): The Singapore Exchange Regulation has enlisted the help of the professional body of valuers, to bring its expertise to bear when listed companies face questions over the value of assets in potential deals.

Under a memorandum of understanding signed between SGX RegCo and the Institute of Valuers and Appraisals, Singapore (IVAS), which is part of the Singapore Accountancy Commission, the exchange can turn to the institute for expert advice and support on matters related to business valuation.

Sabana REIT manager’s non-executive director Ng Shin Ein resigns

SINGAPORE (Feb 28): Ng Shin Ein, a non-executive director of the manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust has called it quits amid a revolt by Sabana REIT’s unitholders.

According to Ng’s resignation letter, which was submitted to SGX late on Monday night by Kevin Xayaraj, the CEO of the manager of Sabana REIT, she had notified the board of her resignation on Jan 16.

Ng says she had expressed her “inability to contribute” to Sabana REIT management as a result of “certain internal dynamics within the company”.

Sabana REIT unitholders requisition EGM to replace manager or wind up

SINGAPORE (Feb 8): Some 66 unitholders representing 0.6% of the total issued units of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) have sent a requisition letter requesting the manager to convene an extraordinary general meeting.

Sabana Real Estate Investment Management, the manager of Sabana REIT, revealed late on Feb 7 that the unitholders are seeking to put forth four resolutions for individual voting by members at the EGM.

Sabana REIT to acquire industrial building at Paya Lebar Central for $34.5 mil

SINGAPORE (Dec 15): The managers of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) is planning the acquisition a HDB leasehold property in the commercial hub of Paya Lebar Central for $34.5 million.

The acquisition is to be funded by a combination of equity and borrowings.

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