Global Logistic Properties Ltd. and Nesta Invetsment Holdings Ltd. received an in-principle approval from the Singapore Exchange Securities Trading Ltd. on Oct. 6 for the proposed delisting of GLP from the bourse.
A consortium made up of Hopu Investment Management Co. Ltd., Hillhouse Capital Management Ltd., SMG Eastern Ltd., Bank of China Investment Ltd. and China Vanke Co. Ltd.'s Vanke Real Estate (Hong Kong) Co. Ltd. offered to take GLP private in July, in a deal valuing the company at S$16 billion on an equity value basis.
Nesta, a wholly owned subsidiary of the consortium-owned Nesta Investment Holdings MidCo Ltd., offered to purchase all of GLP's issued and paid-up ordinary share capital for S$3.38 apiece.
GLP intends to dispatch a document regarding the acquisition to shareholders by Dec. 1. The delisting is subject to, among other conditions, the approval of majority shareholders, corresponding to no less than three-fourths in value of the shares voted at the meeting.
As of Oct. 6, US$1 was equivalent to S$1.37.