Singapore-listed industrial REIT, Sabana (SGX:M1GU), announced on 26 October that it will be adjusting the conversion price of SGD80 million 4.5% convertible sukuks (Islamic bonds) due 2017.

The conversion price will be adjusted from SGD1.0971 to SGD1.0680 per unit, said the Shari’ah-compliant REIT.

“The adjustment to the conversion price is effective as at 26 October 2015, being the day immediately after the book closure date”, said the REIT in its announcement.

Terms and conditions governing the convertible sukuks provides for an adjustment to be made to the conversion price if and whenever any capital distribution is paid to unitholders, said Sabana REIT in reference to the distribution per unit (DPU) of 1.77 Singapore cents announced 15 October for its 3Q 2015.

Units of Sabana REIT last changed hands on the Singapore Exchange at SGD0.765.