Real Estate
Swedish Landlord SBB Likened to Titanic as New Chairman Selected
- All proposals were passed at company’s AGM on Friday
- Some shareholders aired grievances, likening firm with Titanic
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Some shareholders in struggling Swedish landlord SBB took the opportunity to air their disappointment at an annual general meeting while backing the board’s proposals, including selecting a new independent chairman for the company.
All proposals by the board of directors were approved at the gathering in Stockholm, some without a vote, providing a ray of light for Samhallsbyggnadsbolaget i Norden AB. The property owner is struggling to emerge from a turbulent period in which higher interest rates made its $5.6 billion debt pile unmanageable, leading to multiple downgrades of its credit ratings and a more than 90% price drop in the shares from the peak in late 2021.