Singapore’s Sabana to lower conversion price on 4.5% sukuk due 2017

By Marisa Wong

Morgantown, W.Va., Feb. 3 – Sabana Shari’ah Compliant Industrial Real Estate Investment Trust said it will lower the conversion price for its S$80 million 4.5% convertible sukuk due 2017.

The conversion price will be reduced to S$0.8389 per unit from S$0.8628 per unit, effective Feb. 6.

The price adjustment is due to a distribution of S$0.88 for the period from Oct. 1 to Dec. 31 to be paid to unitholders at the close of business on Feb. 3.

The real estate investment trust owns 23 industrial, warehouse and logistics buildings and is based in Singapore.

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