Global Logistic Properties to delist from SGX on Jan 22

A Global Logistic Properties warehouse in the US. PHOTO: GLOBAL LOGISTIC PROPERTIES

Global Logistic Properties (GLP), which was bought by a Chinese consortium for S$16 billion, said on Wednesday said it would delist from the Singapore Exchange on January 22.

GLP said the scheme of arrangement became effective and binding after a copy of the court order was lodged with the authorities on January 10, it said in a regulatory filing.

Shareholders are expected to get payment of the scheme consideration by January 19.

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GLP was bought by Nesta Investment Holdings, which is owned by a Chinese consortium comprising Hopu, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke Group.

Its independent financial adviser found privatisation bid as fair and reasonable.

Singapore sovereign wealth fund GIC, the company's single largest shareholder with a 36.84 percent interest, has supported the bid.

GLP, which has a $41 billion property portfolio, provides facilities in China, Japan, U.S. and Brazil. Its customers include Adidas, Coca-Cola, Loreal among others.

Shares in Global Logistic Properties last traded at S$3.37 on the Singapore Exchange on January 4. The stock has gained 35 percent in an year.

This article was first published on January 10, 2018