Under the Securities and Futures Act (SFA), boards of REIT managers must comprise at least 50% of independent directors where unitholders do not have the right to vote on the appointment of directors to the board.
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The Monetary Authority of Singapore (MAS) says its regulatory framework does not prevent a shareholder group from owning substantial stakes in two REIT managers managing REITs invested in the same property class.
MAS issued the statement on August 28 in response to media queries in relation to the proposed merger between Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) and ESR-REIT.
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