GLP privatisation bid gets shareholders' nod

Global Logistic Properties' (GLP) shareholders have approved Nesta Investment Holdings' proposed privatisation bid.
Global Logistic Properties' (GLP) shareholders have approved Nesta Investment Holdings' proposed privatisation bid. PHOTO: GLOBAL LOGISTIC PROPERTIES

SINGAPORE - GLOBAL Logistic Properties' (GLP) shareholders have approved Nesta Investment Holdings' proposed privatisation bid, which will take place via a scheme of arrangement.

Of the total number of shareholders present at the meeting on Thursday (Nov 30), 96.02 per cent voted for the scheme; meanwhile, of the total number of shares, 99.96 per cent voted in favour.

The final day of trading of its shares on the Singapore Exchange is expected to be Jan 4 .

Nesta - a vehicle owned by Hopu, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke - is taking GLP private at S$3.38 per share in cash. GLP chief executive Ming Z Mei is a director of Nesta.

Singapore's sovereign wealth fund GIC, which owns a 36.84 per cent stake in GLP, voted in favour of the scheme.

The scheme will be presented to the High Court of of Singapore for approval; if the scheme is sanctioned by the Court, it is expected to become binding on Jan 10.

The payment date for shareholders is Jan 19, 2018.