A GROUP of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) unitholders is 'urgently' seeking guidance and support from regulators to stop the 'potential severe conflict of interest issues' that they say are resulting from ESR Cayman's controlling ownership of both Sabana Reit's and ESR-Reit's managers. Read more at The Business Times.
They also sought guidance from MAS on how the alleged conflict of interest could be resolved immediately."This is crucial information for Sabana unitholders to have before they make their voting decision on the proposed merger," they said in the letter.
The unitholders in the letter also called on the sponsor to immediately divest its controlling stake in Sabana's manager, so that this stake could be purchased by the Reit at tangible book value or by third parties that do not have overlapping investment mandates. "We plead with MAS to openly provide regulatory guidance and 'draw a line in the sand' on this key issue," they added.
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