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SGX queries GLP on trading activity after price surge

SGX

Shares for mainboard-listed Global Logistic Properties Limited (GLP) surged on Thursday on heavy trading.

The counter was trading at S$2.38 (£1.35) at 2.34pm, up 6.25 per cent from its Wednesday close. It had risen to as high as S$2.45 (£1.39) after opening at S$2.24 (£1.27).

Some 24.5 million shares had changed hands.

This prompted an exchange query on the unusual trading activity. The Singapore Exchange also noted that it was the second query issued to GLP in the past three months.

GLP said on Dec 30 that it had received US$26 million (£21.16 million) cash injection from another co-investor into a fund established earlier that month.

The fund – GLP US Income Partners III – was established to hold a newly acquired US$1.1 billion (£0.90 billion) logistics portfolio from Dallas-based developer Hillwood.

Paul

The author Paul