Sabana REIT's 9 Tai Seng Drive (Photo: REITsWeek)Sabana REIT's 9 Tai Seng Drive (Photo: REITsWeek)

The embattled manager of Sabana REIT has confirmed that it is currently seeking legal advice with regards to the receipt of a requisition letter signed by 66 unitholders.

The letter, which was received on 6 February, calls on the industrial REIT’s manager to convene an extraordinary general meeting (EGM), during which a number of resolutions will be tabled.

The 66 unitholders’ total holdings in Sabana REIT represents approximately 0.6% of the total issued units as at the date of the requisition letter’s receipt.

Among resolutions proposed for the EGM include the removal of Sabana REIT’s current manager, the incorporation of a new subsidiary to internally manager the REIT, and the winding up of the REIT should the resolution to remove its manager not be passed.

Sabana REIT has said that it is the seeking legal advice to assess the validity of the request to hold an EGM, and look into some of the statements that have been made in the letter itself.

“Looking forward, the strategic review of Sabana REIT by the manager and the sponsor announced on 2 February 2017 is currently in progress”, said the REIT, in a disclosure filed on the Singapore Exchange.

“The manager will keep unitholders updated, and make the necessary announcements in due course”, the REIT added.

Units of Sabana REIT finished the trading day unchanged from its previous close on the Singapore Exchange at SGD0.435.

Read: Investors reiterate calls to remove Sabana REIT’s manager despite assurances of review

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.