SINGAPORE - Mainboard-listed Global Logistics Properties' (GLP) special committee has invited shortlisted bidders to submit their firm proposals by June 30 for "final evaluation", after having conducted due diligence on the company.

The proposals are in relation to the logistics group's independent strategic review to look at options available to boost shareholder value.

"Subsequent to the receipt of these proposals, the special committee will thoroughly evaluate the proposals in consultation with the company's external advisers," the firm said on Thursday (June 8).

GLP had embarked on the strategic review last December following a request by its largest shareholder GIC, which owns over a third of the total stake in the company.

As part of the exercise, GLP, through JPMorgan, had approached various parties to evaluate the viability of options available for its business.

In February, it had shortlisted some interested parties and invited them to conduct due diligence on the firm. GLP had said then that the independent strategic review may involve a possible acquisition of all, or some of its shares, which may or may not lead to an offer being made for the shares of the company.

It noted in a stock exchange filing on Wednesday that no binding proposals have been received to date .

"There is no certainty that any proposals will be received or that any definitive transaction will materialise from, or any offer will be made as a result of, any proposals received or the strategic review."

It added that there is no certainty as to the terms of a transaction (if any).

About four months ago, GLP said it received non-binding proposals from various parties, including its chief executive Ming Z Mei, as well as non-executive director Fang Fenglei. The two board members have recused themselves from all board discussions, and decisions over the strategic review, as they have interest in one of the parties that have submitted offers for the company.

GLP owns and operate a US$41 billion (S$56.6 billion) global portfolio of 55 million sq m of warehouses and other logistics facilities in China, Japan, United States and Brazil. The firm, which has a market capitalisation of US$10 billion as at May 31, added that an announcement will be made in the event of any material developments.

GIC, which manages Singapore's foreign reserves, holds a 36.9 per cent stake in GLP, according to Bloomberg data.

The counter closed up by a cent to S$2.94 on Thursday, before the announcement was released.