SINGAPORE (Reuters) - Singapore’s Global Logistic Properties (GLPL.SI) rose as much as 10 percent to a record on Thursday as trading volume soared, prompting the Singapore Exchange to query the company.
By 0712 GMT, GLP shares were up 6.5 percent at S$2.62, with 18.9 million shares traded, 2.5 times its average daily volume over the last five sessions. A block trade of 3.7 million shares at S$2.66 was done, according to Thomson Reuters data.
According to a note from CLSA, GLP’s management indicated that a spinoff of its Japanese properties into a real estate investment trust was a “matter of timing” and that the “market is trading well”.
“It sounds like J-REIT listing could be coming soon,” said a local trader who declined to be named.
GLP planned to list its Japan assets in an initial public offering that could raise as much as $1.3 billion, sources have told Reuters.
Reporting by Charmian Kok; Editing by Kevin Lim