On March 26, Sabana REIT’s manager said “As the Trustee has been directed by unitholders to effect the internalisation exercise, the Manager will be discussing with the Trustee on their next steps”. The Trustee refers to HSBC Institutional Trust Services which on August 7, 2023 was directed by unitholders to “effect the internalisation” in an EGM requisitioned by Quarz Capital Asia.
On March 26, Quarz Capital Asia along with the internalisation committee which largely comprises Quarz, requisitioned for a third EGM for Sabana Industrial REIT, this time with seven resolutions focused on the Trust Deed “amendment issue”.
Separately or coincidentally, Quarz and its committee appear to have declined to sign up to the terms of reference including not making certain ad-hoc announcements without notifying the Trustee, and curbs in trading in Sabana REIT units.
