GLP sets up new China subsidiary; its another unit ups stake in GLP-MC Tianjin

GLOBAL Logistic Properties (GLP) on Monday announced that its unit, GLP Capital Holdings (Chongqing), has set up a subsidiary called GLP Financial Lease (Chongqing) in China for 500 million yuan (S$101 million). Its principal activities are listed as "financing and leasing business and advisory".

Separately, GLP also said its another unit, CLH (54), has acquired the remaining 50 per cent interest in GLP-MC Tianjin Logistics Property Development for 35.1 million yuan in cash from a joint-venture partner and an unrelated company.

GLP-MC Tianjin owns all of Tianjin Puling Warehousing Service. The consideration was funded by internal resources.

Following the acquisition, CLH (54) now owns all of GLP-MC Tianjin.

The acquisition is not expected to have any material impact on the net tangible asset value and earnings per share of the company for the financial year ending March 31, 2017.