GIC-backed GLP privatisation comes into effect, to delist from SGX on Jan 22

Photo: GLP website

Singapore wealth fund GIC-backed warehouse operator Global Logistic Properties (GLP) will delist from the Singapore stock exchange on January 22 following the privatisation deal by Nesta Investment Holdings, the vehicle owned by Hopu, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke.

The $11.6-billion buyout and privatisation, considered to be the largest ever private equity acquisition of an Asian company, is taking place via a scheme of arrangement.

The scheme became binding after a copy of the Court Order was lodged with the Accounting and Corporate Regulatory Authority of Singapore on January 10, an announcement said on Wednesday.

According to the announcement, shareholders may expect to receive their payment of S$3.38 in cash per share by January 19.

The bidding had started earlier this year for GLP, a global provider of modern logistics facilities, with assets under management of approximately $39 billion.

While GIC, the single largest shareholder of GLP with a 36.84 per cent stake, had voted in favour of the scheme, in November, the scheme of arrangement for the privatisation had received a nod from its shareholders too, 96.02 per cent of whom voted for the scheme.

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