On Dec 4, Sabana Shariah Compliant Industrial REIT announced that less than 75% of votes were cast in favour of the Sabana Trust Deed Amendments Resolution, hence the resolution to amend the trust deed was not passed at its EGM. According to the announcement 66.67% of units voted in favour of amending the trust deed, and 33.33% voted against. The Scheme Resolution for the merger is contingent upon the approval of the Sabana Trust Deed Amendments Resolution at the EGM, and hence Sabana REIT’s managed did not convene the Scheme Meeting.
“We would like to thank everyone who voted, and we respect their decision. While we believe the Merger has a compelling strategic rationale, unitholders have expressed that they prefer for Sabana REIT to remain as a standalone REIT. We are heartened by their confidence in Sabana REIT’s prospects and remain committed to continue creating value for all unitholders,” says Donald Han, CEO of Sabana REIT’s maanger.
