Citing a report published in The Edge Markets about Vibrant Group's 45% further stake acquisition in Sabana Shari'ah Compliant Industrial REIT's manager, Sabana Shari'ah said it has not entered into any binding arrangement.
Sabana Shari'ah and its manager, Sabana Real Estate Investment Management Pte. Ltd., are undergoing a strategic review to explore the various options to improve the performance of the company. The manager has also appointed a strategic review committee and hired Morgan Stanley Asia (Singapore) Pte. as the financial adviser for the review.
The company added that there is no assurance that a transaction will come out of its ongoing review.
Sabana REIT noted that its manager will announce if any material development will result from the strategic review exercise.
The Edge Markets reported April 8 that Vibrant Group's purchase is slated to be completed before April 28, according to a source. Sabana Shari'ah has scheduled an extraordinary general meeting April 28 for unit holders to vote on the removal of the manager, among other resolutions. Vibrant already has a 51% holding in the manager.