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Quarz pares stake in Sabana Reit as Volare adds

Quarz pares stake in Sabana Reit as Volare adds

By Swedan Margen

Fashion

The transaction increases Volare’s deemed interest in the trust to 19.79% from 17.79%

SWISS group Volare has scooped up the 22.5 million shares in Sabana Industrial Real Estate Investment Trust (Sabana Reit) that was dumped by activist investor Quarz Capital for S$7.8 million on Nov 8.

The transaction increases Volare’s deemed interest in the trust to 19.79 per cent from 17.79 per cent, and bumps up its holding to about 222.6 million shares. It previously held approximately 200.1 million shares, indicated a filing on the Singapore Exchange uploaded at noon on Tuesday (Nov 12).

Conversely, Quarz’s deemed interest in Sabana Reit fell to 12.3 per cent from 14.3 per cent, with its holding now trimmed to about 138.8 million shares. It previously held about 161.3 million shares, indicated a separate filing uploaded on Monday evening.

The shares were sold at about S$0.35 apiece.

Units of Sabana Reit closed on Tuesday at S$0.36, down S$0.005 or 1.4 per cent.

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Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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