GLP confirms talks on possible sale

Global Logistic Properties (GLP) is in preliminary talks on a possible sale of the company, the warehouse developer announced on Thursday, confirming media reports.

The discussions are part of the company's strategic review, which was announced on Dec 1. No definitive transaction has been entered into.

The Wall Street Journal and Bloomberg on Thursday reported that GLP had sent out information letters to targeted bidders at the end of December, asking for first-round offers by early February.

GLP shares shot up on Thursday, gaining 7.1 per cent, or 16 Singapore cents, to S$2.40 before trading was halted in the afternoon following a trading query from the Singapore Exchange. The stock will resume trading on Friday.