Hot stock: GLP shares up 3%; SGX queries firm on unusual price movement

SHARES of Global Logistic Properties (GLP) went up by 3 per cent or eight cents to S$2.75 apiece as at 4.43pm on Wednesday.

This was off its peak of S$2.80 earlier in the day, exceeding its 52-week high of S$2.78. Some 22 million shares had changed hands.

GLP's unusual price movement led to a trading query from Singapore Exchange (SGX).

On Feb 28, GLP's special committee had shortlisted several interested parties and invited them to conduct due diligence on the company.

It is pending the committee's outcome on the various non-binding proposals received so far.

GLP had said its 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".