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SABANA SHARI&rsquo AH COMPLIANT INDUSTRIAL REAL ESTATE INVESTMENT TRUST (a real estate investment trust constituted on 29 October 2010 under the laws of the Republic of Singapore)
RESPONSE TO SGX QUERY
The Board of Directors (the &ldquo Board&rdquo ) of Sabana Real Estate Investment Management Pte Ltd (the &ldquo Manager&rdquo ) refers to the queries from Singapore Exchange Securities Trading Limited (" SGX-ST" ) on 12 January 2018 and sets out its responses as follows:
Question 1: What is the status of application to the MAS in relation to extension of time for compliance with the relevant requirement that the audit committee of a REIT manager to comprise at least 3 members?
Manager&rsquo s response:
The Manager had previously applied for a waiver from the Monetary Authority of Singapore (the &ldquo MAS&rdquo ) from the requirements of paragraph 5.1(a) of the Notice to all Holders of a Capital Markets Services Licence for Real Estate Investment Trust Management issued by the MAS on 1 January 2016 and paragraph 3.4 of the Guidelines to all Holders of a Capital Markets Services Licence issued by the MAS on 1 January 2016 until such time an additional independent director and Audit Committee member is appointed, in any event by 27 January 2018.
The Manager has identified a new third independent director and has submitted an application to the MAS. The application is pending approval.
Question 2: (i) What is the status of the appointment of CEO? Has the Manager identified any candidates? (ii) What are the reasons that a new CEO has not been identified / appointed? When is the target date for the appointment of new CEO?
Manager&rsquo s response:
(i) The Manager has identified a candidate to be appointed as CEO and has submitted an application to the MAS. The application is pending approval.
(ii) The Manager had previously found it challenging to recruit a suitable candidate who was willing to be the CEO of the Manager while discussions with ESR Funds Management (S) Limited (formerly known as Cambridge Industrial Trust Management Limited) (in its capacity as manager of ESR-REIT (formerly known as Cambridge Industrial Trust) (the &ldquo ESR-REIT
2
Manager&rdquo ) to explore options in connection with the strategic review exercise were still ongoing. Prospective candidates were also concerned that their potential tenure as CEO might be very short and lack a strategic mandate in the event any potential proposal from the ESR-REIT Manager materialises. As announced on 25 November 2017, discussions with the ESR-REIT Manager have since ceased. As explained in 2(i) above, a candidate has now been identified and the application for the appointment of that candidate as the CEO of the Manager is pending approval from the MAS.
Question 3: Please provide a detailed indicative timeline for completion of the strategic review.
Manager&rsquo s response:
As announced on 25 November 2017, discussions between the Manager and the ESR-REIT Manager have ceased. To date, the Manager has not received binding offers. Once the new CEO and the new third independent non-executive director are appointed, the Strategic Review will cease.
Notwithstanding the cessation of the Strategic Review, the Manager will remain open to considering proposals from prospective strategic partners.
In the meantime, Unitholders are advised to exercise caution when dealing in the units of Sabana REIT. Unitholders are further advised to read this announcement and any subsequent announcements by the Manager carefully.
By Order of the Board Sabana Real Estate Investment Management Pte. Ltd. (Company registration number 201005493K) As Manager of Sabana Shari&rsquo ah Compliant Industrial Real Estate Investment Trust
Kevin Cho Company Secretary 15 January 2018
Undervalued counter.
Hope to see some actions soon! Best if taken over by another better management!
Hope to see some actions soon! Best if taken over by another better management!
john_ric ( Date: 15-Jan-2018 10:28) Posted:
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why the share price is not displayed here like other counters??
wierd!!
wierd!!
Has the ceo left ?
It's a bad idea to let the exiting ceo to stay so long within the coy.
Starship ( Date: 29-Dec-2017 16:07) Posted:
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Such Change-of-Control clauses (in Bold below) doesn' t give investors any confidence to hold their shares:
S$100.0 MILLION NEW COMMODITY MURABAHAH FACILITIES AND DISCLOSURE PURSUANT TO RULE 704(31)
28 December 2017
The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as manager of Sabana Shari&rsquo ah Compliant Industrial Real Estate Investment Trust (&ldquo Sabana REIT&rdquo and the manager of Sabana REIT, the &ldquo Manager&rdquo ), wishes to announce that HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of Sabana REIT (the &ldquo Trustee&rdquo ), has on this day, entered into a financing arrangement (as customer) with CIMB Bank Berhad, Singapore Branch (&ldquo CIMB&rdquo ) (as bank) for new Commodity Murabahah facilities of up to S$100.0 million (the &ldquo New Facilities&rdquo ), comprising a three-year Commodity Murabahah facility of up to S$70.0 million (Facility A) which will be used to partially refinance the trust certificates under the S$500.0 million Multicurrency Islamic Certificates Issuance Programme of Sabana REIT and to refinance all outstanding financial indebtedness under the S$50.0 million commodity murabahah facility granted by CIMB pursuant to a murabahah facility agreement dated 4 September 2015 (the &ldquo Existing Murabahah Agreement&rdquo ), and a three-year revolving Commodity Murabahah facility of up to S$30.0 million (Facility B) which will be used for Sabana REIT&rsquo s general investments and corporate funding purposes. The New Facilities were effected by a new S$100.0 million Murabahah Facility Agreement entered into on 28 December 2017 by the Trustee and CIMB (the &ldquo New Murabahah Agreement&rdquo ).
Under the terms and conditions of the New Murabahah Agreement, the New Facilities shall be mandatorily prepaid if Sabana Real Estate Investment Management Pte. Ltd. ceases to be the manager of Sabana REIT or if Sabana Property Management Pte. Ltd. ceases to be the property manager of certain properties of Sabana REIT (collectively, the &ldquo Change of Control Clauses&rdquo ). The scope of these Change of Control Clauses is substantially similar to those in the Existing Murabahah Agreement.
Assuming the triggering of a Change of Control Clause and that such occurrence would cause a cross default under other financial indebtedness of Sabana REIT, the aggregate level of facilities that has been utilised and the outstanding trust certificates of Sabana REIT that may be affected is, as at the date of this announcement, approximately S$365.0 million. The aggregate amount of facilities (which comprises both the amounts which have been utilised, and the amounts which have not been utilised and which remain available for utilisation) under the existing facilities, the trust certificates and the New Facilities is approximately S$506.9 million.
http://infopub.sgx.com/FileOpen/SGX%20Announcement%20for%20S$100m%20Murabahah%20Facilities%2028December2017.ashx?App=Announcement& FileID=483517
S$100.0 MILLION NEW COMMODITY MURABAHAH FACILITIES AND DISCLOSURE PURSUANT TO RULE 704(31)
28 December 2017
The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as manager of Sabana Shari&rsquo ah Compliant Industrial Real Estate Investment Trust (&ldquo Sabana REIT&rdquo and the manager of Sabana REIT, the &ldquo Manager&rdquo ), wishes to announce that HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of Sabana REIT (the &ldquo Trustee&rdquo ), has on this day, entered into a financing arrangement (as customer) with CIMB Bank Berhad, Singapore Branch (&ldquo CIMB&rdquo ) (as bank) for new Commodity Murabahah facilities of up to S$100.0 million (the &ldquo New Facilities&rdquo ), comprising a three-year Commodity Murabahah facility of up to S$70.0 million (Facility A) which will be used to partially refinance the trust certificates under the S$500.0 million Multicurrency Islamic Certificates Issuance Programme of Sabana REIT and to refinance all outstanding financial indebtedness under the S$50.0 million commodity murabahah facility granted by CIMB pursuant to a murabahah facility agreement dated 4 September 2015 (the &ldquo Existing Murabahah Agreement&rdquo ), and a three-year revolving Commodity Murabahah facility of up to S$30.0 million (Facility B) which will be used for Sabana REIT&rsquo s general investments and corporate funding purposes. The New Facilities were effected by a new S$100.0 million Murabahah Facility Agreement entered into on 28 December 2017 by the Trustee and CIMB (the &ldquo New Murabahah Agreement&rdquo ).
Under the terms and conditions of the New Murabahah Agreement, the New Facilities shall be mandatorily prepaid if Sabana Real Estate Investment Management Pte. Ltd. ceases to be the manager of Sabana REIT or if Sabana Property Management Pte. Ltd. ceases to be the property manager of certain properties of Sabana REIT (collectively, the &ldquo Change of Control Clauses&rdquo ). The scope of these Change of Control Clauses is substantially similar to those in the Existing Murabahah Agreement.
Assuming the triggering of a Change of Control Clause and that such occurrence would cause a cross default under other financial indebtedness of Sabana REIT, the aggregate level of facilities that has been utilised and the outstanding trust certificates of Sabana REIT that may be affected is, as at the date of this announcement, approximately S$365.0 million. The aggregate amount of facilities (which comprises both the amounts which have been utilised, and the amounts which have not been utilised and which remain available for utilisation) under the existing facilities, the trust certificates and the New Facilities is approximately S$506.9 million.
http://infopub.sgx.com/FileOpen/SGX%20Announcement%20for%20S$100m%20Murabahah%20Facilities%2028December2017.ashx?App=Announcement& FileID=483517
"...SREIM says the supplementary lease for 10 Changi South St 2 between HSBC Institutional Trust Services, in its capacity as trustee of Sabana REIT and Adviva Distribution has taken effect this month. This supplementary lease which is part of the master lease agreement for the property will give the REIT an additional annual rent of about $1 million."
https://www.theedgesingapore.com/sabana-reit-appoints-aw-wei-been-acting-ceo-supplementary-lease-10-changi-south-street-2-takes
Same old group of people...
"The Board of Directors of Sabana Real Estate Investment Management Pte. Ltd., as Manager (the
?Manager?) of Sabana Shari?ah Compliant Industrial Real Estate Investment Trust, would like to
announce the appointment of Mr Aw Wei Been as Acting Chief Executive Officer (?CEO?) with
effect from 1 January 2018. Mr Aw is currently the Chief Operating Officer and Head of Asset
Management of the Manager."
?Manager?) of Sabana Shari?ah Compliant Industrial Real Estate Investment Trust, would like to
announce the appointment of Mr Aw Wei Been as Acting Chief Executive Officer (?CEO?) with
effect from 1 January 2018. Mr Aw is currently the Chief Operating Officer and Head of Asset
Management of the Manager."
http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=RSSAnnouncementToday&F=7XWXGJCUJOI7GMEQ&H=10a8a56ac6e09552985f326df8253120a3a54bd2a606d9c0c6846556da75542c
CEO last day is on 31dec BUT will he leave or continue staying bcos can't find replacement ?
ShowMeMoneyp ( Date: 16-Dec-2017 12:38) Posted:
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There was nothing new from the so-called strategic review. No action plan, no nothing. Only the CEO quietly leaving.
Let' s wait for next report and see how far down it can go.
Let' s wait for next report and see how far down it can go.
Looks ugly now, close 39 cents.
Goldfinger ( Date: 15-Dec-2017 21:30) Posted:
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This one sink like a rock - jialat!!!
Probably they supported the mgmt in good faith during the "remove mgr" vote but looks like they got played too.
HVRRVH ( Date: 15-Dec-2017 16:52) Posted:
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Sad for the retailers because don&rsquo t know what are ESR and Tong up to. They can play waiting game or even collect more at lower price but retailers suffer.
Heng arh .....didn't acquire Vibrant property .....https://www.theedgesingapore.com/vibrants-2q-earnings-fall-604-36-mil
Will mgmt keep quiet and hope this change-of-CEO event will just passed unnoticed ? Business as usual ?
The reit manager must carry out due diligence to announce timely update on the status of finding a new ceo, before the present ceo last day (end this month) because it can influence share price movement.