THE Registrar of Singapore’s Supreme Court on Thursday (Jul 13) fixed the hearing for the contended Sabana real estate investment trust (Sabana Reit) extraordinary general meeting (EGM) for 10 am on Jul 19. This was on an expedited basis.

Activist investor Quarz Capital had requisitioned an EGM to remove Sabana Real Estate Investment Management as manager of Sabana Reit, in favour of an internal manager.

In its originating application, ESR Group, the sponsor of Sabana Reit and ultimate owner of the Reit’s manager, sought to have the requisition rendered “invalid and/or ineffectual”.

It also sought a permanent injunction restraining the manager of the Reit from taking any steps to convene an EGM, pursuant to Quarz’ requisition. 

The Singapore High Court had on Tuesday dismissed ESR Group’s application for an interim injunction to block Sabana Reit’s manager from convening the EGM.

ESR Group said that it “took steps to ensure that Quarz is joined in the court action so that all parties can present their positions for the court’s consideration and determination”.

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“The objective is for a clear direction to be given to the managers, trustees and unitholders on how to proceed with this requisition or subsequent requisitions. This will provide clarity to all unitholders and prevent a prolonged period of uncertainty,” it added.

The contended EGM is currently set to take place on Aug 4.

Units of Sabana Reit closed at S$0.425 on Thursday, down S$0.005 or 1.2 per cent.