Singapore's Sabana to lower conversion price on 4.5% convertible sukuk

By Marisa Wong

Madison, Wis., Sept. 12 - Sabana Shari'ah Compliant Industrial Real Estate Investment Trust announced an adjustment to the conversion price of its S$80 million 4.5% convertible sukuk due 2017.

The conversion price will be lowered to S$1.1632 per unit from S$1.1933 per unit.

The adjustment follows from a private placement of new units and an advanced distribution for the period from July 1 to the day before the private placement settles. The books for the private placement will close on Sept. 23.

The new conversion price will take effect on the day that the advanced distribution is paid.

The real estate investment trust is based in Singapore. Its portfolio consists of 21 industrial buildings located also in Singapore.

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