Chinese Group Bids $11.6 Bn For Singapore's GLP

Mohammad Ali (@ChaudhryMAli88) Published July 14, 2017 | 01:20 PM

Chinese group bids $11.6 bn for Singapore's GLP

SINGAPORE, , (UrduPoint / Pakistan Point News - 14th Jul, 2017 ) - A Chinese consortium has offered to buy Singapore warehouse operator Global Logistics Properties Ltd (GLP) in a deal worth more than $11 billion, both companies said Friday.

In filings with the Singapore Exchange, they said they were "pleased to announce the proposed acquisition" after GLP selected Nesta Investment Holdings as its preferred bidder.

Under the deal, Nesta would buy GLP shares at Sg$3.38 apiece, valuing it at around Sg$16 billion ($11.6 billion).

The GLP Group -- of which Singapore sovereign wealth fund GIC is the biggest shareholder with an almost 37 percent stake -- owns and manages a portfolio of logistics facilities in China, Japan, the United States and Brazil.

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