GLP acquires Hallmark International for US$121.64m

GLOBAL Logistic Properties Limited (GLP) said on Tuesday that it has acquired Hallmark International Investment Limited for US$121.64 million.

The acquisition was undertaken through GLP's indirect subsidiary CLF2 Singapore Pte Ltd.

Hallmark owns 100 per cent of Kunshan Huacheng Weaving & Dyeing Co Ltd, which manufactures and sells fabric-related products.

Following the acquisition, both Hallmark and Kunshan Huacheng will become indirect subsidiaries of GLP.

"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, 2018," GLP said.

The group last month received a S$3.38 per share offer from Nesta Investment Holdings - owned by Hopu, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke - by way of a scheme of arrangement.

GLP has appointed Evercore Asia to advise the board of directors on the offer.