Ng Shin Ein, a non-executive director of the manager of Sabana REIT has called it quits amid a revolt by Sabana REIT’s unitholders. According to Ng’s resignation letter, which was submitted to SGX late on Mon night by Kevin Xayaraj, the CEO of the manager of Sabana REIT, she had notified the board of her resignation on Jan 16. Ng says she had expressed her “inability to contribute” to Sabana REIT management as a result of “certain internal dynamics within the company”. Just three weeks later, on Feb 6, a number of dissident unitholders of Sabana REIT requisitioned an EGM to vote on resolutions to replace the manager of the REIT and perhaps liquidate the REIT’s portfolio and return the cash to investors. Sabana REIT has been under pressure from minority unitholders who are dissatisfied with its performance. The REIT was listed in 2010 with 15 properties valued at $851 million. Of these, five had been injected by its sponsor, Vibrant Group, under a sale-and-leaseback arrangement.... Continue Reading