On June 8, 2023, Sabana Industrial Real Estate Investment Trust announced that it has received a letter from Quarz Capital ASIA (Singapore) Pte. Ltd on June 7, 2023, requesting the Sabana Real Estate Investment Management Pte Ltd to convene an extraordinary general meeting of the Company for the purposes of passing the resolutions 1) that Sabana Real Estate Investment Management Pte. Ltd. be removed as the Manager of the Company as soon as practicable after this resolution is passed, 2) that the Company, HSBC Institutional Trust Services (Singapore) Limited, be directed to (a) effect the internalization of the REIT Management function by incorporating a subsidiary wholly owned by the Trustee and appointing such a subsidiary to act as the manager of the Company, (b) hire and appoint qualified candidates as directors and staff of the Internal Manager in accordance with the applicable requirements of the Securities and Futures Act 2001, (c) consider the retention of Company?s existing staff in order to maintain the continuity of Company?s operations, (d) amend the provisions of the Deed such that each director of the Internal Manager may be appointed and/or removed by a simple majority of unitholders, (e) amend the provisions of the Deed such that each director of the Internal Manager must be endorsed or re-endorsed by unitholders at every 3rd annual general meeting of the Company, and (f) amend the provisions of the Deed such that any change of control in the Internal Manager may only be effected upon approval of a simple majority of unitholders.

In addition, the Company stated that the Manager is considering the Requisition Notice and seeking legal advice and will make further announcements on SGXNET in due course. Further, the Company advised the shareholders to refrain from taking any action in respect of their units in the Company which may be prejudicial to their interests, and to exercise caution when dealing in the Units.