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Court hearing for GLP's S$16B delisting plan set for Dec. 15

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Court hearing for GLP's S$16B delisting plan set for Dec. 15

The High Court of Singapore is scheduled to hear Dec. 15 at 9:30 a.m. the application to delist Global Logistic Properties Ltd. from the local stock exchange for S$16 billion.

Aside from the court date, which was previously expected to take place Dec. 12, the company's expected timetable for the delisting was affirmed, with Jan. 4, 2018, set as the last day of trading of GLP's shares on the Singaporean bourse, and the Nesta Investment Holdings Ltd. consortium's takeover offer to be effective Jan. 10, 2018.

Assuming that the court approves the scheme and the effective date is kept, GLP shareholders are expected to receive payment for shares tendered during the bid by Jan. 19, 2018, after which GLP will be delisted from the Singaporean bourse, its home since its IPO in October 2010.

Nesta Investment is composed of Hopu Investment Management Co. Ltd., Hillhouse Capital Management Ltd., SMG Eastern Ltd., Bank of China Investment Ltd. and Vanke Real Estate (Hong Kong) Co. Ltd., a unit of China Vanke Co. Ltd. It offered to buy all of GLP's shares for S$3.38 apiece. The offer was announced July 14, received the local bourse's in-principle approval Oct. 6 and shareholders' approval Nov. 30.