On 6 August 2024, the unitholders of Singapore-listed Sabana Industrial REIT (“Sabana”, SGX: M1GU), a closed-end real estate investment trust, voted in favor of resolutions to replace its external investment manager at an extraordinary general meeting (EGM).

Going forward, Sabana will “internalize” the management: it will manage itself.

Sabana owns 18 properties in Singapore. It has been consistently trading at over 20% discount to its net asset value.

Quarz Capital, a Singapore-based activist, has been campaigning for changes at Sabana. The EGM is the culmination of Quarz’s efforts.

We, Argyle Street Management, have done something similar. We took over TIH Limited (formerly known as Transpac Industrial Holdings, SGX:T55), a listed closed-end private equity fund, fired the external manager, internalized the management, liquidated most of its assets, and returned capital to shareholders.

Unitholders of Sabana would be shocked to learn that China Merchants China Direct Investments (CMCDI, 133 HK) is trading at ~60% discount to net asset value, yet the external investment manager continues to receive over US$10m in management fees per year (almsot half of which goes to Victor Chu and Elizabeth Kan).

We urge CMCDI to buy back shares, until the discount narrows to 30% and eventually 20%. Read our full proposal.

If you are new to CMCDI, read our primer.

Chat with us on WeChat or WhatsApp:

💬 WeChat ID: ASM_Argyle

💬 WhatsApp ID: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com


2024年8月6日,新加坡上市的封闭式基金Sabana Industrial REIT (“Sabana”, SGX: M1GU)的份额持有人在股东特别大会上投票通过了更换其外部投资经理的决议。未来,Sabana将“内部化”管理团队:由基金内部自聘人员管理基金。

Sabana在新加坡拥有18处物业。它的交易价格持续比净资产低20%及以上。

总部设在新加坡的积极投资者 Quarz Capital (“Quarz”)一直在Sabana的变革努力。本次股东特别大会是 Quarz的成果。

我们,Argyle Street Management,曾做过类似的事情。我们曾接管了TIH Limited(原名 Transpac Industrial Holdings,SGX:T55),一家在新加坡上市的封闭式私人股本基金。我们解雇了外部经理,并内部化了管理,清算了大部分资产,并将资本返还给股东。

Sabana的投资者将会震惊地发现,招商局中国基金(“中国基金”,133.HK)的交易价格比净资产低60%。,然而外部投资经理仍然每年收取超过1,000万美元的管理费(其中近一半归诸立力先生和簡家宜女士)。

我们敦促中国基金回购股份,直到折价缩小至30%,最终达到20%。具体请见我们的完整提案

如果您刚开始了解中国基金,请阅读我们的指南

欢迎随时与我们联系

💬 微信: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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