HSBC Institutional Trust Services (the Trustee) has made an Order 32 application with the High Court. Order 32 allows for an action to be brought in the Singapore courts for the determination of any question arising in the execution of a trust (including Sabana Industrial REIT).
On April 22, Sabana Industrial REIT’s manager released a letter from SGX RegCo which has cleared up questions on who can vote at EGMs with extraordinary resolutions. This is when a super majority is needed for, as an example, when an S-REIT’s Trust Deed needs to be amended. “SGX RegCo is of the view that there is no requirement under the SGX-ST Listing Rules for the Sponsor and its related parties to be disenfranchised from voting on the Trust Deed Amendments,” the letter says.
“We note that the Trustee has filed an originating application with the High Court of Singapore to seek, among other things, a declaration that the Trustee is at liberty to convene an extraordinary general meeting to consider the Trust Deed Amendments,” the SGX RegCo letter adds.
