ESR Group's Interim Injunction Application to Stop Sabana REIT From Holding EGM Dismissed By High Court

The Edge Singapore2023-07-12

ESR Group’s application for an interim injunction to restrain Sabana Industrial REIT’s manager from holding an extraordinary general meeting (EGM) has been dismissed by the High Court on July 11.

A case conference for the originating application has been fixed on July 13 at 10am to schedule a hearing date.

Prior to the interim injunction, Sabana REIT’s manager had been in the final stages of preparing the notice of EGM and the circular to its unitholders. As the interim injunction is now no longer in effect, the manager says it intends to continue with its preparation. The notice of EGM and circular will be issued “in due course”.

In a separate statement, ESR Group says it appreciates that the court has “expedited the final hearing” so that clarity can be obtained as soon as possible.

“A swift decision is necessary to ensure that the value of Sabana REIT is preserved. Our aim in seeking to pause the EGM has been to ensure that the EGM proceeds on the correct footing, proper processes are followed, and Quarz’s resolutions are examined in a forum where facts and truth are valued more than false claims,” says the group’s spokesperson.

“The High Court has fixed an urgent pre-trial conference this Thursday, July 13 for further directions on the final hearing. We intend to include Quarz in the application, so that all interested parties’ points can be fully aired. This will ensure that no unnecessary disruption is caused to the REIT by any further public discourse,” it adds.

Units in Sabana REIT were last trading at 42 cents before its trading halt on July 11.

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