SINGAPORE (Nov 30): Global Logistic Properties (GLP) says its proposed $16 billion acquisition by Nesta Investment Holdings and subsequent privatisation has been approved on the back of “overwhelming shareholder support”.

Nesta Investment is a subsidiary of a management-backed Chinese consortium including private equity firms Hillhouse Capital Management and Hopu Investment Management.

It was announced in July that GLP accepted the consortium’s takeover offer of $3.38 per share in cash.

See: This local warehouse giant sells to Chinese bidder for record $16 billion

In a Thursday filing, GLP says that its proposed scheme of arrangement for the acquisition had exceeded the requisite shareholder approval thresholds for the scheme meeting held on Thursday.

Voting in favour for the scheme were 96.02% of total shareholders present and voting in proxy, as well as 99.96% of the total number of shares voted by shareholders. This exceeded the respective minimum requirements of 50% and 75%.

Singapore’s sovereign wealth fund GIC, as GLP’s single largest shareholder with a 36.84% stake, were among those who voted in favour of the scheme.

GLP says its shareholders can expect to receive the scheme consideration by 19 Jan, 2018, with payment to be within seven business days from the effective date of 10 Jan, 2018 – with the actual dates to be announced by the group in due course.

“The result from today’s scheme meeting brings us one step closer to the privatisation of GLP. A key objective of the independent strategic review was to maximise value for all shareholders, and we are pleased that the proposal received overwhelming support,” says Seek Ngee Huat, Chairman of GLP’s Board, Chairman of the Special Committee, and Independent Director.

As at 12.05pm, shares in GLP are up by 1 cent at $3.34.