Keppel DC Reit lead independent director Kenny Kwan fails to get re-elected at AGM

[SINGAPORE] Keppel DC Real Estate Investment Trust (Reit) lead independent director and chair of its nomination and remuneration committee Kenny Kwan failed to get re-elected at the annual general meeting (AGM) on Apr 15.

About 49.9 per cent of the votes cast endorsed his reappointment as a director, representing 632,589,622 units. The 50.1 per cent against the resolution represented 634,277,814 units, the Reit’s manager said in a bourse filing after the AGM. 

Kwan, who has an interest in 44,851 units of the Reit, will thus need to step down from his position.

Separately, Low Huan Ping, who holds 46,480 units, was appointed as a director at the AGM.

Other resolutions on ordinary business were also passed, with more than 95 per cent of unitholders’ votes in favour of the moves. These were on receiving and adopting various reports and statements for the 2024 financial year, as well as reappointing the Reit’s auditor and authorising the manager to fix the auditor’s remuneration.

In addition, over 90 per cent of the voters passed a resolution on special business to authorise the manager “to issue units and to make or grant convertible instruments”.

The AGM was held before the release of Keppel DC Reit’s first-quarter results on Thursday (Apr 17). It posted a 14.2 per cent year-on-year increase in distribution per unit to S$0.02503.

The counter closed at S$2.03 the same day, down S$0.02 or 1 per cent.