GLP buys Shanghai firm for 350m yuan

WAREHOUSE owner Global Logistic Properties (GLP) has bought a Chinese firm called Shanghai Jingxi Business Consulting Co for 350 million yuan (S$72 million) in cash, it said in a Singapore Exchange filing on Monday.

It said its indirect subsidiary had bought 100 per cent of Shanghai Jingxi, and that after the purchase, it holds about a 45.6 per cent stake in total in Beijing Capital Farm.

It did not elaborate on what Shanghai Jingxi or Beijing Capital Farm were.