GIC's GLP failed to disclose "truce" with competitor ProLogis in IPO prospectus

[SNAblog]

http://www.reuters.com/article/idUSL3E6N80CJ20101208

Singapore GLP confirms ProLogis truce, says not material to firm

Dec 8 (Reuters) - 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)gl

 

[cooleo]

This is seriously fucked up. The information seem pretty material (i.e. important) to the company's ongoing business, how can it be immaterial? :oIo:

 

[Unrepented]

If this is immaterial (both quantitative and qualitative), then the "truce" made by the pest control companies in the tender quite sometime back is also lagi immaterial

 

[silverfox@]

Where got so good? IPO to let everyone make money?

IPO is to make those big fat f@#kers even bigger and fatter. Of course they have to withhold all these to make the IPO go smooth.

If its really that immaterial, why halt the trading?

 

[johnny333]

If you are a small time investor without any connections, stay away from the Spore stock market.

As a traditional long term investor, I find Malaysia a better place to invest in.

You don't have to pay GST.
The shares are cheaper.
Many M'ysian companies are paying dividens
Many long time companies which have an establish track record.

 

[Dreamer1]

Where got so good? IPO to let everyone make money?

IPO is to make those big fat f@#kers even bigger and fatter. Of course they have to withhold all these to make the IPO go smooth.

If its really that immaterial, why halt the trading?

U made a good point.Hope to hear more sensible things fr u.

I think the GLP directors who decided are very green horns,unusual for more seasoned pappies to make this kind of stupid mistake.

 

[giggity_shit]

Oh no! What will happen to them? Fine by SGX?