Warehouse operator Global Logistic Properties (GLP) said on Monday it received "firm proposals" from shortlisted bidders as part of its strategic review undertaken in late 2016.
GLP, which has a $41 billion property portfolio, provides facilities in China, Japan, U.S. and Brazil and its customers include Adidas, Coca-Cola, Loreal among others.
"The Special Committee is now conducting an in-depth and independent review of all terms of the proposals in consultation with the Company's external advisers," it said in a statement without disclosing any financial details or names of the bidders.
"The Company wishes to reiterate that there remains no certainty that any definitive transaction will materialize from, or that any offer will be made as a result of, any proposals received or the Strategic Review."
Last month, GLP said it was in discussions with shortlisted bidders and had taken measures to alleviate potential conflicts of interest and ensure fairness of the process.
Shortlisted bidders had to submit their firm proposals by June 30 for final evaluation.
Shares of GLP were little changed at S$2.86 in the afternoon trade. The company has a market capitalization of about $10 billion.