Among the 93 points, the SGIC says it “seeks answers and guidance from MAS and SGX RegCo [that] the Internalisation and the implementation of the Specific Governance Rights do not necessitate any Trust Deed Amendments. That, even if an extraordinary resolution of the unitholders is required for the Trust Deed Amendments, the sponsor and its concert/related parties are prohibited to vote on a resolution concerning any Trust Deed Amendments for the purposes of effecting Internalisation. The clear reason is their inherent conflict of interest as their fee income is directly affected by the outcome.”
On Dec 6, HSBC Institutional Trust Services (HSBC Trustee), Sabana Industrial REIT’s trustee announced it is copied in a letter to SGX RegCo, the Monetary Authority of Singapore, and the Minister for Finance from the Sabana Growth Internalisation Committee with 93 points. HSBC Trustee says: “The Trustee assumes no responsibility for any of the contents of the SGIC Letter, including the accuracy, completeness or correctness of any of the information statements or opinions made or reports contained in the SGIC Letter. The views expressed in the SGIC Letter should not be construed in any way as representing the views of the Trustee.”
When asked if SGX RegCo is likely to make a statement on the 93 points in the letter, a spokesperson for SGX Group says: "The matters raised are commercial issues. SGX RegCo notes that the trustee has appointed its own legal advisor. Unitholders should await further updates on this matter by the trustee. SGX RegCo therefore has no comment."
