GLP doing strategic review to enhance shareholder value on request from GIC

GLOBAL Logistic Properties Limited (GLP) is undertaking a strategic review of options available to enhance shareholder value, following a request from its largest shareholder, GIC Real Estate.

It has constituted a special committee, consisting of four independent directors, to oversee the strategic review and also appointed JP Morgan (SEA) Limited as its financial adviser to assist on the strategic review.

"As part of the strategic review, the company, through JPMorgan, is in the process of making preliminary approaches to various parties to evaluate the viability of options available for its business," GLP said on Thursday.

But it added that there is no assurance that any transaction will materialise from the strategic review and the company will make an appropriate announcement in the event of any material developments.

Its clarification filing followed a Bloomberg article, which said that it is working with JPMorgan to review strategic options after drawing unsolicited interest from an investor group including China Investment Corp, Hopu Investment Management and Hillhouse Capital Management.

But GLP made no mention of this unsolicited interest in its clarification announcement on Thursday, suggesting that it may not have received an official letter of interest. When contacted by BT, a GLP spokeswoman declined to comment.

GIC, which manages Singapore's foreign reserves, holds a 36.9 per cent stake in GLP, while Hillhouse owns 8.2 per cent, according to Bloomberg data.