GLP's shareholders give green light for privatisation

Singapore

GLOBAL Logistic Properties' (GLP) shareholders voted in favour of Nesta Investment Holdings' privatisation bid, with the final day of trading of GLP's shares on the Singapore Exchange 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, which will take place via a scheme of arrangement. GLP's chief executive Ming Z Mei is a director of Nesta. At S$3.38 per share, this values the company at approximately S$16 billion on an equity value basis.