Global Logistic Properties incorporates four & acquires two new indirect subsidiaries

MAINBOARD-LISTED Global Logistic Properties (GLP) on Tuesday announced that it has incorporated four and acquired two new indirect subsidiaries.

The six new indirect subsidiaries are mainly involved in distribution facilities and services.

The four indirect subsidiaries incorporated are: GLP Zhuzhou Purun Logistics Facilities with registered capital of 66.6 million yuan (S$14.35 million); Pujian Xixianxinqu Logistics Facilities with US$22.7 million; GLP Nantong NSIP Logistics Facilities with US$60 million; and GLP Foshan Pudan Logistic Service with US$14.5 million.

GLP has also acquired a 65 per cent interest in Beijing Lihao Technology, through its indirect subsidiary, CLH (86), for a consideration of 323.17 million yuan, and the entire interest in Shanghai Kangjiekong Logistics Facilities, through its indirect subsidiary, CLH (103), for a consideration of 88.80 million yuan.

The acquisitions are not expected to have any impact on the net tangible asset value and earnings per share of GLP for the financial year ending Mar 31, 2015.

Before news of the announcement on Tuesday, GLP's counter closed at S$2.48, unchanged from the previous trading day.