A group of unitholders have come together to voice their unhappiness over Sabana REIT’s recent performance, and are requesting for meeting to be held, at which members are allowed to vote on a resolution to remove the REIT’s current management team.
The group comprises about 75 unitholders, and was first convened about two weeks ago with the common objective of pushing for the meeting to be organised, according to a member who informed REITsWeek of the movement.
One of the group members is Koh Yee Kan, a 38-year-old Assistant Professor at the National University of Singapore, who cited significant downward price movements of the industrial REIT as a reason why he would like to see a change in management.
“On top of that, the manager still wanted (sic) to buy in more properties at prices that are questionable, including from the sponsor”, said Koh, in response to questions from REITsWeek.
“This raises the question of whether the manager acts for the best interests of the unitholders in general, or whether it acts for the benefit of the sponsor”, he said, adding that the group is trying to gather as many unitholders as possible to back the requests for a meeting to be convened.
Another unitholder that has come forward is Soh Thiam Hing, a 33-year-old IT executive, who cited Sabana REIT’s management fee structure as a reason why he is backing the calls for a change in management.
Other unitholders, such as 44-year-old Chan Yee Keong who is self-employed, said that he is behind the movement to bring awareness to other minority unitholders of Sabana REIT, that they can replace a REIT’s management should its performance be less-than-satisfactory.
The group has formed a publicly-accessible Facebook Page known as “Remove Sabana REIT Manager” to facilitate discussions regarding its movement.
REITsWeek has reached out to Sabana REIT’s manager for comments on the requests, but as of the time and date of this article, has yet to receive a response.
Units of Sabana REIT finished the trading day unchanged from its previous close on the Singapore Exchange at SGD0.37.