MARKETS & INVESTING | Staff Reporter, Singapore

Sabana REIT independent director resigns

Ng Shin Ein’s resignation will take effect on 31 December.

Sabana REIT’s independent director Ng Shin Ein has stepped down to “pursue other interests” in light of the proposed Sabana REIT-ESR-REIT merger falling through, the REIT announced in a filing to the Singapore Exchange on 7 December.

Ng’s resignation will take effect on 31 December.

“Ng believes that scaling up is the right way forward for Sabana REIT, given the limitations of its portfolio and the uncertainties of the external environment,” said Sabana REIT, noting that there should be a balance of interest between short-term and long-term investors in the management of a REIT.

“[She] respects that some unitholders prefer breaking up the portfolio or stripping the REIT of its best assets to recognise a one-off gain; however, she believes that this is not in the best interest of the REIT and longer-term investors,” added Sabana REIT.

Ng was appointed as independent director on 27 August 2019.

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