Hot stock: SGX queries GLP on trading activity after price surge

SHARES for mainboard-listed Global Logistic Properties Limited (GLP) surged on Thursday on heavy trading.

The counter was trading at S$2.38 at 2.34pm, up 6.25 per cent from its Wednesday close. It had risen to as high as S$2.45 after opening at S$2.24.

Some 24.5 million shares had changed hands.

This prompted an exchange query on the unusual trading activity. The Singapore Exchange also noted that it was the second query issued to GLP in the past three months.

GLP said on Dec 30 that it had received US$26 million cash injection from another co-investor into a fund established earlier that month.

The fund - GLP US Income Partners III - was established to hold a newly acquired US$1.1 billion logistics portfolio from Dallas-based developer Hillwood.