Volare Scoops Up Sabana Industrial Real Estate Investment Trust Shares
SWISS group Volare has acquired 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 November 8.
Increased Deemed Interest in the Trust
The transaction increases Volare’s deemed interest in the trust to 19.79% from 17.79%, 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 (November 12).
Quarz’s Deemed Interest in Sabana Reit
Conversely, Quarz’s deemed interest in Sabana Reit fell to 12.3% from 14.3%, 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.
Shares Sold at S$0.35 Apiece
The shares were sold at about S$0.35 apiece.
Sabana Reit Units Close at S$0.36
Units of Sabana Reit closed on Tuesday at S$0.36, down S$0.005 or 1.4%.
Conclusion
The transaction between Volare and Quarz Capital has led to a significant increase in Volare’s deemed interest in Sabana Reit. The sale of shares by Quarz Capital and the subsequent purchase by Volare have resulted in a shift in the ownership structure of the trust.
FAQs
Q: What is the current deemed interest of Volare in Sabana Reit?
A: 19.79%
Q: What is the current deemed interest of Quarz Capital in Sabana Reit?
A: 12.3%
Q: How many shares of Sabana Reit were sold by Quarz Capital?
A: 22.5 million shares
Q: What was the price per share at which Quarz Capital sold the shares?
A: S$0.35 apiece
Q: How did the units of Sabana Reit perform on the day of the transaction?
A: Units of Sabana Reit closed at S$0.36, down S$0.005 or 1.4%
