An extraordinary general meeting (EGM) to obtain approval from unitholders of Saizen REIT for a reverse takeover arrangement has yet to materialise, the REIT announced on 3 January.

The EGM was supposed to have been convened by 31 December 2016.

According to the REIT, the EGM has been delayed as the “transaction process is taking a longer time than originally envisaged”, although no details on this was provided in its announcement.

Saizen REIT is currently in negotiations with Sime Darby Property Singapore Limited, for the former to acquire the latter’s industrial properties in Australia, in the reverse takeover arrangement.

The arrangement will possibly see Saizen REIT, which was originally conceived as a residential REIT, re-emerge as an industrial REIT.

However despite the delays, Saizen REIT has assured investors that work on the proposed reverse takeover arrangement is still in progress, and that it will make relevant announcements should there be significant developments in the matter.

“Unitholders are advised to exercise caution in the dealing or trading of their units in Saizen REIT, as there is no assurance as at the date of this announcement that the proposed [reverse takeover]transaction will be completed, or that there will be no changes to the terms thereof”, said the REIT.