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GLP privatisation bid gets shareholders' nod

GLOBAL Logistic Properties' (GLP) shareholders have approved Nesta Investment Holdings' proposed privatisation bid, which will take place via a scheme of arrangement.

Of the total number of shareholders present at the meeting, 96.02 per cent voted for the scheme; meanwhile, of the total number of shares, 99.96 per cent voted in favour.

The final day of trading of its shares on the Singapore Exchange is expected to be Jan 4 .

Nesta - a vehicle owned by Hopu, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke - is taking GLP private at S$3.38 per share in cash. GLP chief executive Ming Z Mei is a director of Nesta.

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Singapore's sovereign wealth fund GIC, which owns a 36.84 per cent stake in GLP, voted in favour of the scheme.

The scheme will be presented to the High Court of of Singapore for approval; if the scheme is sanctioned by the Court, it is expected to become binding on Jan 10.

The payment date for shareholders is Jan 19, 2018.