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 said its shareholders approved the privatization scheme.

Of the total number of shareholders present, 96.02 percent voted in favour of the scheme, the company said in a regulatory filing.

"The result from today's Scheme Meeting brings us one step closer to the privatization of GLP," said Seek Ngee Huat, Chairman of GLP's Board.

GIC, the single largest shareholder of GLP with a 36.84 percent stake, voted in favor of the scheme.

The scheme will be presented to the High Court of the Republic of Singapore for sanction.

If the Scheme is sanctioned by the Court, it is expected to become effective and binding in accordance with its terms on January 10.

GLP has requested Singapore Exchange to remove the trading halt on its shares earlier requested by the company ahead of the announcement.

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