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GLP privatisation scheme goes into effect; delisting date set for Jan 22

GLOBAL Logistic Properties (GLP) is set to delist from the Singapore Exchange on Jan 22, making its exit in a record S$16 billion privatisation deal.

The scheme of arrangement became effective and binding on Wednesday after a copy of the relevant court order was lodged with the authorities, the GLP board announced that same day.

Shareholders can expect to receive their payment by Jan 19, although the timetable is indicative only and may change.

National sovereign wealth fund GIC is GLP's single-largest shareholder, with a nearly 37 per cent stake.

Nesta Investment Holdings - a Chinese private equity consortium backed by senior executives from GLP - will cough up S$3.38 a share in cash for the warehouse provider, in the largest private equity buyout of an Asian company by enterprise value.

GLP shares last traded at S$3.37 on Jan 4.

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