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GLOBAL Logistic Properties' (GLP) special committee has shortlisted several parties and invited them to conduct due diligence on the company.
In a filing to the bourse operator on Monday, the mainboard-listed logistics group said this was in relation to its independent strategic review, where the special committee has evaluated various non-binding proposals received.
GLP said the independent strategic review might 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".
"The company wishes to emphasise that all the terms of the proposals received (including price) are non-binding. There is no certainty that any definitive transaction will materialise from, or that any offer will be made as a result of, any such proposals or the strategic review, and there is no certainty as to the terms of a transaction (if any)."
GLP said it would provide updates in the event of any material development.
In early February, the group had said it received various non-binding proposals from a number of parties, which include its chief executive Ming Z Mei and non-executive director Fang Fenglei. Mr Mei and Mr Fang have interest in one of the parties that have submitted the offers for the group.
At that time, GLP said since the start of the strategic review in December, Mr Mei and Mr Fang have recused themselves from all board discussions and decisions relating to the strategic review.
A special committee comprising four independent directors (IDs) and headed by group chairman Seek Ngee Huat was set up to evaluate the proposals with the help of its financial adviser JPMorgan (SEA) and legal adviser Allen & Gledhill.
The committee was formed to oversee the strategic review of options to improve shareholder value. GLP had embarked on the review upon the request of its single largest shareholder GIC, Singapore's sovereign wealth fund.
Previously, there were rumours that US private equity giants Warburg Pincus and The Blackstone Group are each forming a consortium to make an offer for GLP.
Another investor group might be Beijing-based Hopu Investment Management, founded by Mr Fang, and Hillhouse Capital Management. Mr Mei is believed to be part of the Hopu consortium.