GLP requests trading halt pending results of privatisation scheme

Global Logistic Properties (GLP), which was bought by a Chinese consortium for S$16 billion, on Thursday requested for a trading halt pending the release of an announcement.

glp
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, on Thursday requested for a trading halt pending the release of an announcement.

The company said it would update on results of scheme meeting regarding proposed privatisation.

Last month, GLP's independent financial adviser deemed the proposed privatisation to be fair and reasonable.

"... from a financial point of view, the scheme consideration is fair and reasonable. Accordingly, we advise the independent directors to recommend Shareholders to vote in favour of the scheme," GLP's independent financial adviser Evercore said.

For the scheme to become to be approved, shareholders supporting the scheme must represent a majority in number of the shareholders present at the meeting and hold at least 75 percent of shares present at the meeting.

Shares in Global Logistic Properties last traded at S$3.34 on the Singapore Exchange before the request for a trading halt. The stock has gained 65 percent in an year.

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