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

By Marisa Wong

Morgantown, W.Va., Dec. 27 – Sabana Shari’ah Compliant Industrial Real Estate Investment Trust said it expects to lower the conversion price for its S$80 million 4.5% convertible sukuk due 2017.

The conversion price will be reduced to S$0.8628 unit from S$1.0131 per unit once the company completes a rights issue of units.

The new conversion price will take effect on the issue date of the rights units, currently set for Jan. 25.

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

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