Singapore-listed industrial REIT, Sabana REIT (SGX:M1GU), announced on 2 February that it will be adjusting the conversion price for SGD80 million worth of 4.50% convertible sukuks due 2017,

The sukuks, which are largely referred to as ‘Islamic bonds’, are convertible into units of the Shari’ah-compliant REIT.

“Based on the distribution per unit under the distribution of 1.50 Singapore cents and aggregating together with all distributions declared by the manager in respect of the financial year ended 31 December 2015, the conversion price will be adjusted from SGD1.0680 to SGD1.0431 per unit”, said the REIT.

The conversion price will be effective as at 3 February 2016, being the day immediately after the book closure date.

Units of Sabana REIT last changed hands on the Singapore Exchange at SGD0.665.