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The Independent Shari’ah Committee, in discussion with
the Manager, will explore all possible avenues to rectify the
breach. In the event that no immediate rectification is possible,
the Independent Shari’ah Committee will put on record an
acknowledgment of the breach and the necessary rectification
measures that the Manager will have to undertake. This record
will indicate a mutually agreed time frame for the rectification
and will be considered during the annual review of the Shari’ah
compliance of Sabana Shari’ah Compliant REIT for the purpose
of issuing the Shari’ah Certification.
If Sabana Shari’ah Compliant REIT is unable to resolve any breach
within the given time frame, the Manager would have to seek
a further extension from the Independent Shari’ah Committee,
citing reasons for the inability to rectify, or delay in rectifying,
the breach. Where the Manager is in the process of rectifying a
breach of the Shari’ah Guidelines which is required in order for
Sabana Shari’ah Compliant REIT to be Shari’ah compliant, the
Independent Shari’ah Committee may nonetheless issue the
Shari’ah Certification. If the Independent Shari’ah Committee
does not grant a further extension of time or the Manager is
unable to resolve the breach within the extended time frame,
the Independent Shari’ah Committee may not issue the Shari’ah
Certification. In the event that Sabana Shari’ah Compliant REIT is
unable to resolve any breach of the Shari’ah Guidelines within the
given time frame and the Manager has sought a further extension
of time from the Independent Shari’ah Committee, this will be
announced to Unitholders through the SGX-ST via SGXNET.
The Independent Shari’ah Committee may also refuse to issue the
Shari’ah Certification, or revoke the existing Shari’ah Certification,
in the following circumstances:
• Where the Manager deliberately deviates from the Shari’ah
Guidelines and indulges in activities that contravene the
Shari’ah Guidelines;
• Where the Manager continuously breaches the Shari’ah
Guidelines and refuses to rectify the position to an acceptable
level; and
• Where there is a material misrepresentation or wilful omission
of any material information that is otherwise required by the
Independent Shari’ah Committee for the purposes of issuing
the Shari’ah Certification.
Any refusal by the Independent Shari’ah Committee to issue, or
revocation by the Independent Shari’ah Committee of, the Shari’ah
Certification will be announced to Unitholders via SGXNET.
On 24 October 2011, Sabana Shari’ah Compliant REIT passed its
first Shari’ah audit since IPO. The Shari’ah Compliance Certificate,
which is valid for one year from the date of issue, is displayed on
page 5 of the Annual Report.
The total amount of fees, including reimbursables, paid to the
Shari’ah Adviser and the Independent Shari’ah Committee
(through the Shari’ah Adviser) for the financial period ended 31
December 2011 is approximately S$74,000.
Utilisation of IPO Proceeds
The Manager has raised gross proceeds of S$664.4 million from
the initial public offering of the Units on 26 November 2010. On
the same day, the Manager has also drawn down the Commodity
Murabaha Facility of S$220.6 million (the “Facility”).
The total proceeds raised from the listing as well as the amount
drawn down from the Facility were used substantially for the
purchase of investment properties, payment of issue expenses,
transaction and financing related costs, in line with the intended
applications as stated in the Prospectus.
The following sets out the sources and applications of the total
proceeds:
Sources
S$’000
Public Offering
533,395
Sponsor Units
(1)
28,350
Cornerstone Units
(2)
102,695
Commodity Murabaha Facility
220,563
Total
885,003
Applications
S$’000
Acquisition of the IPO properties
851,150
Issue expenses
28,222
Transaction costs
5,287
Financing related costs
344
Total
885,003
Notes:
(1) Comprises 27,000,000 Units issued to the Sponsor (through its wholly-owned
subsidiary, Singapore Enterprises Private Limited).
(2) Comprises 97,804,555 Units issued to Cornerstone Investors being Al-Salam
Bank-Bahrain B.S.C., Capital Investment & Brokerage/Jordan Ltd. Co., FIL
Investment Management (Hong Kong) Limited (on behalf of various accounts),
and Meren Pte Ltd.
Corporate Governance
SABANA SHARI’AH COMPLIANT REIT
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