In addition, HSBC Trustee has asked the Court to declare that the Trustee’s power to certify amendments to the Trust Deed is in the nature of a discretion rather than an obligation. The Trustee has also asked the Court to declare that the Trustee is at liberty to convene an EGM in accordance with the requirements of the Trust Deed and the CIS Code to consider the proposed Trust Deed amendments.
Sabana Industrial REIT’s trustee, HSBC Institutional Trust Services (HSBC Trustee) announced on Jan 9 that it has filed an originating application, under Order 32 of the Rules of Court 2021 of Singapore (the Order 32 Application), to help clarify necessary threshold issues and steps for the internalisation process and to ensure that the views of all Unitholders are properly considered in an appropriate forum. Order 32 of the Rules of Court allows for an action to be brought in the Singapore courts for the determination of any question arising in the execution of a trust.
HSBC Trustee is seeking a declaration from the Court that amendments to the Trust Deed are required to implement the Resolutions passed on Aug 7 in an EGM requisitioned by Quarz Capital Asia.
