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PR Newswire
26-02-2013, 11:59 AM
S'pore wealth fund GIC cuts GLP stake in US$1.25b sale
Published February 26, 2013
SINGAPORE - Singapore sovereign wealth fund GIC cut its stake in warehouse operator Global Logistic Properties (GLP) by about a quarter, selling around 596 million GLP shares at S$2.60 each, according to a term sheet seen by Reuters.
The sale, which raised about $1.25 billion, was at the bottom of a S$2.60-$2.66 per share indicative range. GLP closed at S$2.75 on Monday.
The Government of Singapore Investment Corp (GIC) said in a statement on Tuesday that the sale was part of the sovereign fund's "regular rebalancing activities for its overall portfolio" and that it remained a substantial long-term shareholder.
"We are pleased with the company's execution of its strategies and are confident of its long-term prospects," GIC added.
http://www.businesstimes.com.sg/breaking...e-20130226 [Article]
(Not Vested)
Published February 26, 2013
SINGAPORE - Singapore sovereign wealth fund GIC cut its stake in warehouse operator Global Logistic Properties (GLP) by about a quarter, selling around 596 million GLP shares at S$2.60 each, according to a term sheet seen by Reuters.
The sale, which raised about $1.25 billion, was at the bottom of a S$2.60-$2.66 per share indicative range. GLP closed at S$2.75 on Monday.
The Government of Singapore Investment Corp (GIC) said in a statement on Tuesday that the sale was part of the sovereign fund's "regular rebalancing activities for its overall portfolio" and that it remained a substantial long-term shareholder.
"We are pleased with the company's execution of its strategies and are confident of its long-term prospects," GIC added.
http://www.businesstimes.com.sg/breaking...e-20130226 [Article]
(Not Vested)
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