Shares of Global Logistic Properties fell to a three-month low after Singapore sovereign wealth fund GIC cut its stake in the warehouse operator in a $1.25 billion sale.
GIC sold 596 million GLP shares at S$2.60 each, at the bottom of a S$2.60-$2.66 per share indicative range, according to a term sheet seen by Reuters.
GLP shares sunk as much as 7.3 percent to S$2.55 on Tuesday, the lowest since late November last year. More than 617 million shares were traded, 54 times the average full-day volume over the past 30 days.
GLP, which has businesses spread across China, Japan and Brazil, was the top traded stock by both value and volume in Singapore on Tuesday. The benchmark Straits Times Index was 0.6 percent lower.
But Roy Chen, an analyst at Phillip Securities, said the stake cut by GIC does not change his 'neutral' rating on GLP shares.
"GIC is just rebalancing its portfolio. The fundamentals of GLP are actually quite strong," said Roy Chen, an analyst at Phillip Securities, citing the recent recovery of China's economy and the company's projected development of logistic properties. "The lease activity is also still upbeat in China."
1058 (0258 GMT)
