SINGAPORE (March 7): The manager of Sabana REIT has confirmed that the strategic review will seek to address the concerns and act in the interests of unitholders.

See also:  Sabana REIT manager appoints Morgan Stanley as financial adviser in strategic review

The manager also confirmed the attendance of that the valuers for the recently announced acquisitions will attend the EGM requisitioned by unitholders to address questions pertaining to the valuations.

See also:  Sabana REIT unitholders requisition EGM to replace manager or wind up

However, Morgan Stanley, appointed adviser for the strategic review exercise and is assisting the Strategic Review Committee, will not be present at the EGM as it is not advising the board on EGM-related matters or the previously announced acquisitions and the rights issue.

See also:  Sabana REIT manager appoints Morgan Stanley as financial adviser in strategic review

Ng Shin Ein, the non-executive director who recently resigned amid the revolt by unitholders, will not be present too.

See also:  Sabana REIT manager' s non-executive director Ng Shin Ein resigns

The confirmations were made in response to the a new set of queries sent by the Singapore Exchange to the manager on March 3 following the ones made on Feb 15 and Feb 27 and 28.

As announced on March 1, the review committee and Morgan Stanley will explore a potential sale of all units or assets of Sabana REIT and a sale of the manager.

In addition, it will discuss the sourcing of potential strategic partners who can enhance Sabana REIT' s performance.

This includes the ability of the potential partner to contribute pipeline of quality assets to the REIT improve its borrowing ability and enhance the capability of the management team.

Shares of Sabana closed 4 cents higher at 48 cents on Monday before the announcement was made.

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