Sabana Reit

SABANA Shari'ah Compliant Real Estate Investment Trust (Sabana Reit) on Friday said it will not hold an extraordinary general meeting (EGM) for unitholders to endorse the appointment of hedge fund founder Chan Wai Kheong as its independent non-executive director.

This comes in response to a joint requisition letter from Quarz Capital and Black Crane Capital - which together hold more than 10 per cent of the total listed units of Sabana Reit - earlier on Aug 2, calling on Mr Chan to put himself up for endorsement "immediately".

In a statement, the Reit manager said its decision to seek unitholders' endorsement of Mr Chan at the next annual general meeting (AGM) - more than nine months later - is "certainly not with a view to bypass any direction and safeguards as alleged by the requisitionists".

It further said it is "puzzled" by Quarz and Black Crane's objections to Mr Chan's suitability as independent director, given that he was one of the nominees proposed by Quarz.

Axington

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AXINGTON'S proposed S$405 million acquisition of a 60 per cent stake in a Hong Kong web technology company has fallen through as "various" discussions failed to materialise in the past month.

In a statement on Saturday, the Catalist-listed firm said no agreement has been made with Delta Investment Holding Group for a further extension of the long stop date or the exclusivity period, ended Aug 7, for the acquisition of Veivo Web Technology, which was expected to result in a reverse takeover of Axington.

Accordingly, the memorandum of understanding inked on July 8 has lapsed and will cease to have further effect.