, /PRNewswire/ -- Unitholders of Sabana Industrial REIT (SGX:M1GU) urgently and respectfully seek the guidance of MAS and SGX RegCo on key questions regarding the Trustee's Statement on the need (or not) for an amendment of the Trust Deed, Trustee's certification, and whether the sponsor and their concert parties are prohibited to vote in an extraordinary resolution where they are clearly interested and related parties as it would directly affect their fee income.
The above has extensive implications on corporate governance, accountability, as well as investors' protection and confidence for the entire Singapore REIT sector. Every day of delay in having clear guidance from MAS and SGX RegCo results in the unnecessary wastage of unitholders' monies and erosion of investor returns as the Trustee continues to spend unitholders' monies to engage numerous and costly advisors.
Unitholders urge MAS and SGX RegCo to exercise their supervisory powers and provide firm and positive guidance to market participants to safeguard and uphold international standards of investor protection, corporate governance and accountability of managers. This is necessary and urgently needed to avoid setting a negative precedent in the Singapore REIT market.
Please find unitholders' letter to MAS, SGX RegCo and the Ministry of Finance below:
Tan Boon GinSingapore Exchange Regulation11 North Buona Vista Drive06-07 The Metropolis Tower 2Singapore 138580
Mr Ravi MenonMs Ho Hern ShinMr Lim Tuang LeeMonetary Authority of Singapore10 Shenton Way MAS BuildingSingapore 079117
Mr Lawrence WongMinister for Finance Ms Indranee Rajah Second Minister for FinanceMs Tan Ching YeePermanent Secretary (Ministry of Finance)Ministry of Finance55 Newton RoadSingapore 307987
5 December 2023
Dear Ms Ho, Ms Rajah, Ms Tan, Mr Lim, Mr Menon, Mr Tan, and Mr Wong,
1. The Sabana Growth Internalization Committee ("SGIC") comprises of Sabana Industrial REIT's ("Sabana REIT", "Sabana", "SSREIT SP Equity", or "SGX: M1GU") unitholders, who have come together to support the internalization of Sabana's manager (the "Internalization