Quarz holds 14.01% of Sabana REIT. Switzerland-based Volare, which made a partial offer for Sabana REIT, holds a tad above 16%.
On July 7, Sabana Industrial REIT's manager announced that ESR Group, which holds 20.4% o Sabana REIT, filed an injunction in the High Court to restrain the manager from holding an EGM.
On June 7, Quarz Capital Asia had requisitioned an EGM to be held on Aug 4. In the June 7 requisition, resolution 1 is to vote out the external manager; resolution 2 is to "effect the internalisation of the REIT Management function". Analysts have indicated that details on the implementation of a new internal manager are unclear.
