Singapore’s Sabana again cuts conversion price on 4.5% sukuk due 2017

By Susanna Moon

Chicago, Oct. 26 – Sabana Shari’ah Compliant Industrial Real Estate Investment Trust said it lowered the conversion price for its S$80 million 4.5% convertible sukuk due 2017.

The conversion price was reduced to S$1.0680 from S$1.0971, effective Monday.

The adjustment is due to a distribution of S$0.0177 for the July 1 to Sept. 30 period that will be paid to unitholders as of Oct. 23, according to a company notice.

As previously announced, the conversion price was reduced from S$1.1199, effective Jan. 30, 2015.

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

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