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GLP receives proposals from parties including CEO Mei and director Fang
GLOBAL Logistic Properties (GLP) said it has received various non-binding proposals from a number of parties, which include its CEO Ming Z Mei and non-executive director Fang Fenglei.
Mr Mei and Mr Fang have interest in one of the parties that submitted non-binding proposals to the group.
At the start of the strategic review since December, Mr Mei and Mr Fang have recused themselves from all board discussions and decisions relating to the strategic review, GLP said in a regulatory filing on Friday.
"The company is mindful that the strategic review be undertaken independently and in the interests of all shareholders, and has undertaken measures to alleviate potential conflicts of interest," it added.
A special committee consisting of four independent directors and headed by its chairman Seek Ngee Huat will be evaluating the proposals with the help of its financial adviser JPMorgan (SEA) and legal adviser Allen & Gledhill. This committee was formed to oversee the strategic review since December.
GLP embarked on the strategic review of options to improve shareholder value following a request from its single largest shareholder GIC, Singapore's sovereign wealth fund.