A substantial shareholder has reduced its stake at Sabana real estate investment trust (Reit), the first Syariah-compliant Reit in Singapore.
Moore Macro Fund said in its regulatory filings with the SGX that it sold nine million stakes on the open market, reducing its shares from 6.32 percent to 4.89 percent. It recorded a direct interest of 3.41 percent or approximately 21.6 million shares.
In a similar filing, Moore Capital Management, a fund manager to Moore Macro, noted that its interest in Sabana Reit has been reduced to 6.38 percent from 7.8 percent after the disposal of Moore Macro’s share.
“Both Moore Capital and Moore Macro Fund had taken up placement units during the initial public offer (IPO), hence they had paid the IPO offer price of $1.05,” said the manager of Sabana’s Reit who spoke to The Business Times.
Sabana Reit’s shares has been trading below the price offer and at a range of 96 cents and 98 cents on the local bourse, indicating that the substantial shareholder might suffer a loss since it sold its stakes in the open market.