June 8, 2017 / 11:18 AM / 4 months ago

Singapore's Global Logistic says to accept offers by end-June

SINGAPORE, June 8 (Reuters) - Singapore-listed warehouse operator Global Logistic Properties (GLP) said on Thursday short-listed bidders for the firm should submit their proposals by end-June.

Reuters reported in February, citing sources familiar with the process, that private equity firms Warburg Pincus, Blackstone Group LP and Hopu Investment were among the bidders short-listed to present a potential offer for the firm.

GLP, backed by sovereign wealth fund GIC Pte Ltd, said no binding proposals have been received yet and the firm’s special committee will conduct a review of all terms of the proposals prior to making a recommendation.

GLP’s customers include Amazon and JD.Com. It operates industrial properties worldwide worth about $40 billion and earns two-thirds of its revenue from China.

The company, which has a market value of $10.3 billion, closed up 0.3 percent at S$2.94 on Thursday. (Reporting by Miyoung Kim; editing by Jason Neely)

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