Global Logistic gets SGX nod, aims to be delisted by April 14, 2018

GLOBAL Logistic Properties (GLP) and its offeror are aiming to take the company private by April 14, 2018 after receiving in-principle approval from the Singapore Exchange (SGX), the group announced on Monday morning.

The offeror is Nesta Investment Holdings Limited, a wholly owned subsidiary of Nesta Investment Holdings MidCo Limited, which is owned by a group comprising Hopu, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke Group.

GLP chief executive Ming Z Mei, who was appointed on September 2010, is also a director of Nesta.

Both companies intend to dispatch the scheme document by Dec 1, 2017. If the scheme is successful, shareholders will receive S$3.38 in cash per share and GLP will be delisted from the SGX.

GLP last closed at S$3.30 a share on Friday.

The acquisition will also see an exit for Singapore's sovereign wealth fund GIC, which holds a 36.84 per cent stake in the company.