Tempers flare at Sabana EGM as unitholders vote for 8 of 10 resolutions on trustee’s handling of internalisation

UNITHOLDERS of Sabana Industrial Reit have voted for nearly all the resolutions proposed by activist investor Quarz Capital Asia at a highly charged meeting that had some investors raising their voices at the trustee during the question-and-answer segment.

The 10 resolutions, tabled at the extraordinary general meeting (EGM) on Friday (Mar 8) and which were related to how the trustee should handle the internalisation of Sabana Reit, were all directed at the trustee of the real estate investment trust (Reit), HSBC Institutional Trust Services (Singapore).

The Sabana Growth Internalisation Committee, which was set up by unitholders including Quarz, first requisitioned for an EGM in December to direct the trustee on the internalisation process.