On April 14, 2023, Quarz Capital Management Ltd announced that it has issued an open letter to Sabana Industrial REIT, stating that the Company proposed resolutions asked the shareholders to vote on the endorsement of Elaine Lim as an independent director, however, it is concerning that even if unitholders reject Lim's endorsement, the board has ensured that she will remain on the board as a non-independent director and Quarz Capital concerns about the Company?s manager's intention to have a new unit issue mandate for undertaking rights and placements. In addition, Quarz Capital Management announced to vote against the above mentioned 2 Company proposals and requested the shareholders of the Company to vote against the proposals at the annual meeting of shareholders scheduled to be held on April 25, 2023.