Part of Sabana convertible Sukuk cancelled and converted

Posted by on Jun 25th, 2013 and filed under ASIA, Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Sabana Real Estate Investment Management, as the manager of Sabana Shari'ah-compliant Real Estate Investment Trust (Sabana REIT) has announced that SGD 1.5 million in aggregate principal amount of the SGD 80.0 million 4.50 per cent Convertible Sukuk due 2017, issued by Sabana Treasury, a wholly-owned subsidiary of Sabana REIT and convertible into units of Sabana REIT have been converted and cancelled pursuant to the exercise of conversion rights by the holders thereof. Following the above conversion, an aggregate of 1,257,018 new Units have been issued at the conversion price of SGD 1.1933 per Unit, and the total Units in issue is 648,711,000. As at 21 June 2013, the aggregate principal amount of Convertible Sukuk remaining outstanding following such conversion and cancellation is SGD 72.5 million.

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