Singapore: Logistics major GLP to delist from SGX post privatisation deal

Photo: GLP website

GLP, a global provider of modern logistics facilities, plans to delist from the Singapore Exchange (SGX) following a privatisation deal led by Nesta Investment Holdings.

The privatisation and its delisting from the Singapore bourse – proposed on 14 July – will not impact the businesses and operations of the GLP Group.

Nesta Investment Holdings – a vehicle jointly owned by SMG held by GLP CEO Ming Z. Mei, HOPU, Hillhouse Capital, Bank of China Group Investment and Vanke Group – intends to work with GLP to expand its platform in existing and new markets.

The acquisition will also see an exit for Singapore’s sovereign wealth fund GIC, which holds 36.84 per cent stake in the company.

Ming Z. Mei, said, “It is business as usual for GLP. I continue to serve as CEO and our strong local teams remain focused on executing our strategy and further developing our global platform. With retail and consumption patterns changing, both opportunities and challenges are ahead for the modern logistics business.”

The first quarter FY18 saw GLP start $226 million and complete $252 million of development projects. The firm expects to meet its FY18 global development targets of $2.2 billion and $1.7 billion of development completions.

Additionally, GLP has completed the syndication of its third US portfolio, in which it retains 8 per cent stake. Overall, GLP’s $39-billion fund management business represents a recurring source of income, with its fund management platform possessing $11 billion of uncalled capital. Growth opportunities include a potential new China income fund, continuing to sell assets to the J-REIT and potentially expanding into Europe.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.