Ng Shin Ein, an independent non-executive director at Sabana Shariah Compliant Industrial REIT (Sabana REIT) has resigned on the evening of Dec 7 amid the failed merger between the REIT and ESR-REIT.
See: No merger for Sabana REIT with ESR-REIT
In a filing via SGX, CEO of Sabana’s manager Han Yong Lee Donald said that Ng was leaving as she believes that “scaling up is the right way forward for Sabana REIT, given the limitations of its portfolio and the uncertainties of the external environment”.
“In the management of a REIT, there needs to be a balance of interest between short-term and longer-term investors. Ms Ng respects that some unitholders prefer breaking up the portfolio or stripping the REIT of its best assets to recognise a one-off gain. However, she believes that this is not in the best interest of the REIT and longer-term investors,” Han added.
See also: Chance for a new beginning for Sabana REIT on Dec 4
Ng served as Sabana REIT’s independent non-executive director since August 2019.
Her resignation will be effective Dec 31, 2020.
Units in Sabana REIT closed 1 cent lower or 2.8% down at 34.5 cents on Dec 7.
