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MANY market watchers might have been surprised last month when a group of investors holding more than 10 per cent of Sabana Industrial Real Estate Investment Trust (Sabana Reit) requisitioned yet another extraordinary general meeting (EGM).

For one thing, these Sabana Reit unitholders did not include Quarz Capital, the activist investor that has repeatedly requisitioned EGMs in its campaign to internalise the Reit’s management function.

Instead, this EGM requisition was submitted by Chan Wai Kheong – better known as Charlie Chan – a former independent director of Sabana Reit’s existing external manager, who has been opposed to Quarz Capital’s efforts.

The three resolutions that Chan and the other requisitionists want to put forward at the EGM appear to be aimed at addressing any fear and frustration that exists among Sabana Reit unitholders regarding the lengthy, expensive and rancorous path that Quarz Capital has taken in pursuit of its goal.

Explaining the rationale for the EGM, the requisitionists said that Quarz Capital had promoted the idea of internalising Sabana Reit’s manager partly on the basis of cost-savings projections that the activist investor subsequently walked back.