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Global Logistic Properties Limited (GLP) clarifies reports that it has held talks with an investor group that includes China’s sovereign fund China Investment Corp (CIC) for a possible takeover.
In an SGX filing, GLP said it is “not in discussions with the investor group at this time.”
“The Company remains committed to enhancing shareholder value and continues to review and assess potential opportunities,” it added.
With this, GLP advised its shareholders to “refrain from taking any action in respect of their shares or other securities of the company which may be prejudicial to their interests, and to exercise caution when dealing in such shares or other securities.”
According to a Bloomberg report, GLP has attracted takeover interest from China Investment Corp., Hopu Investment Management and Hillhouse Capital Management.
Citing unidentified sources, the report revealed that the group had held talks about making a joint offer for GLP. They reportedly have also reached out to potential partners to weigh their interest in joining the consortium.
The report added that any deal would depend on the receptiveness of Singapore sovereign wealth fund GIC, which is GLP’s biggest shareholder with 37 percent stake.
It noted that Hillhouse owns an 8.2 percent stake in GLP, while Chinese wealth fund CIC has previously partnered with GLP for deals in Brazil and Japan.
Beijing-based buyout firm Hopu, on the other hand, was part of a consortium which invested US$2.5 billion (S$3.5 billion) in the Chinese business of GLP in 2014. That year, Hopu’s founder Fang Fenglei joined GLP’s investment committee and was appointed as a non-executive director to the company’s board.
Image Source: Global Logistic Properties
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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