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

In response to queries from the Singapore Exchange, Sabana REIT has given details of challenges it faced in appointing a new CEO, and indicated that a strategic review exercise will soon cease.

The Singapore-listed industrial REIT has also identified a third independent director for the audit committee in its manager’s board of directors, and his or her appointment is currently pending approval from the Monetary Authority of Singapore (MAS).

Recap: Sabana REIT’s ‘strategic review’ update yields further questions

In its response to questions on CEO appointment, Sabana REIT said that it had previously found it challenging to recruit a suitable candidate who was willing to be the CEO while discussions were still ongoing with ESR Funds Management Limited, the manager of ESR-REIT.

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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.