Singapore GLP confirms ProLogis truce, says not material to firm

SINGAPORE, Dec 8 (BestGrowthStock) – Singapore’s Global Logistic
Properties (GLP) , which owns warehouses and other
logistic assets in Japan and China, said a non-competition
arrangement with ProLogis was not material to its
operation.

The remarks came after the Business Times newspaper
reported that GLP had a “truce” with ProLogis, which the paper
said “was not specifically disclosed on its IPO prospectus”,
that prevents GLP from expanding in Japan and ProLogis
stepping up in China.

The paper said the truce will expire in February and could
lead to tougher competition for the firm in China.

GLP is majority owned by Government of Singapore
Investment Corp (GIC) . It raised S$3.9 billion
through an initial public offering in October.

“The company…is of the view that the existence of the
non-competition arrangement between the company and ProLogis
is not material, and continues to be non-material, to the
ongoing business,” GLP said in a statement.

“There is no non-disclosure of material information in the
prospectus with regards to the non-competition arrangement…
The company had in the prospectus already treated ProLogis as
an existing potential competitor in the same manner as its
other potential competitors,”

The firm earlier requested a trading halt of its shares
and removed the halt after the firm posted the announcement.

GLP’s vice chairman Jeff Schwartz was the chairman and CEO
of ProLogis before he quit in 2008. [ID:nSGE69B0BP]

(Reporting by Harry Suhartono)

Singapore GLP confirms ProLogis truce, says not material to firm