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Engagement, on the record.
14 public engagements since 2015, from Singapore REITs to US technology companies. Each links to the underlying letters, filings and press coverage.
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Sabana REIT to Alpha Integrated REIT
As the REIT's second-largest unitholder, Quarz Capital led a multi-year engagement: opposing a merger priced below net asset value, requisitioning unitholder meetings and replacing the external manager with an internal one.
- 2020
- Proposed ESR-REIT merger voted down
- 2023
- External manager replaced by unitholder vote
- 2025
- Internalisation completed; renamed Alpha Integrated REIT
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BBR Holdings
Quarz Capital built the largest shareholding in the SGX-listed engineering and construction group and pushed for board renewal.
- Jul 2026
- Largest shareholder at 15.1%
- Aug 2026
- Board reconstituted; Quarz representatives appointed deputy chairman and acting CEO
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All engagements
Further cases.
- 2023Cromwell European REITPublic proposal to the board.SGX · European REIT
- 2022Mapletree North Asia Commercial TrustCash alternative added to the offer; merger approved by unitholders.SGX · Commercial REIT
- 2020Teckwah IndustrialFounding families' S$0.65 cash offer referred to the Quarz letter; company delisted (2020).SGX · Supply-chain services
- 2018–2021Sunningdale TechOffer raised from S$1.55 to S$1.65 per share; company privatised (2021).SGX · Precision engineering
- 2019Ascendas Hospitality TrustAscott Residence Trust and Ascendas Hospitality Trust merged (2019).SGX · Hospitality trust
- 2018LendingClubPublic letter to the board.NYSE · Fintech
- 2017–2018CSE GlobalPublic letter to the board.SGX · Industrial technology
- 2017HG Metal ManufacturingBRC Asia stake sold (Sep 2017); capital reduction approved (Oct 2017).SGX · Steel
- 2016–2017International HealthwayFour directors removed at an EGM (Jan 2017).SGX · Healthcare
- 2016ARA Asset ManagementTaken private by a consortium at S$1.78 per share.SGX · Real estate fund management
- 2016Metro HoldingsCompany published a formal response (Oct 2016).SGX · Property & retail
- 2015ApplePublic letter to the board.NASDAQ · Technology
Case summaries describe our public engagement and publicly reported outcomes. They are not a record of investment performance and do not indicate future results.
Institutional investors and boards: we welcome the conversation.
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