Material uncertainty arises because of the potential adverse consequences to the financial position of the REIT from the requisition.
Sabana Industrial REIT’s manager, Sabana Real Estate Investment Management (SREIM), announced on July 19, that its independent external auditors, Ernst & Young, has included an emphasis of matter in respect of a material uncertainty that may cast significant doubt on Sabana REIT’s ability to continue as a going concern depending on the outcome of an extraordinary general meeting requisitioned by Quarz Capital Asia. The EGM will be held at 10 am on Aug 7,
The Requisition is proposing, among others, a resolution that SREIM be removed as the manager of Sabana REIT “as soon as practicable should this resolution be passed”.
