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GLP privatization bid nears end as Singapore's High Court green lights scheme

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GLP privatization bid nears end as Singapore's High Court green lights scheme

Singapore's High Court on Dec. 15 sanctioned the application to delist Global Logistic Properties Ltd. from the Singapore bourse, a process that started in mid-July after a consortium offered to take the logistics company private in a S$16 billion deal.

According to the court, the privatization bid will become effective and binding once it lodged its order with the Accounting and Corporate Regulatory Authority of Singapore but reiterated the scheme is still subject to the satisfaction of all the conditions under the delisting agreement.

Like in its previous statement, GLP said the last day of trading of its shares will be Jan. 4, 2018, while the privatization will become effective Jan. 10, 2018, with payment of the consideration to take place Jan. 19, 2018.

China Vanke Co. Ltd. unit Vanke Real Estate (Hong Kong) Co. Ltd., Hopu Investment Management Co. Ltd., Hillhouse Capital Management Ltd. SMG Eastern Ltd., Bank of China Investment Ltd. comprises the Nesta Investment Holdings Ltd. consortium, which offered to buy all GLP's shares for S$3.38 apiece. The Singapore stock exchange has granted its in-principle approval for the proposal Oct. 6, while shareholders approved the scheme Nov. 30.

As of Dec. 14, US$1 was equivalent to S$1.35.