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Hot stock update: GLP surges on takeover speculation despite denial

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SHARES in Global Logistic Properties Limited (GLP) continued to rise on Wednesday afternoon even after the Singapore-listed logistics facilities provider denied being in talks with investors on a takeover.

Its shares were trading at S$1.875 at 2pm, still up 4.7 per cent from its previous close. The stock rose as high as S$2.05 earlier in the day. Some 36.3 million shares changed hands.

Bloomberg had earlier reported that China Investment Corp, Hopu Investment Management and Hillhouse Capital Management have held talks about making a joint offer for GLP. It said that the suitors have reached out to potential partners to weigh their interest in joining the consortium.

Any deal would depend on the receptiveness of GLP's biggest shareholder, Singapore sovereign wealth fund GIC, and there is no certainty that the consortium will proceed with a bid, Bloomberg's sources said.

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In a statement at 1.15pm, GLP said: "The company wishes to advise that it is not in discussions with the above referenced investor group at this time. The company remains committed to enhancing shareholder value, and continues to review and assess potential opportunities."

It added that it will make an appropriate announcement in the event of any material developments.