GLP buys remaining 50% of Chongqing unit for 81.6m yuan

GLOBAL Logistic Properties Limited (GLP) has snapped up the remaining 50 per cent stake in CLH Chongqing Logistics Property Limited that it does not already own for 81.63 million yuan from a joint venture partner.

The acquisition was undertaken via indirect subsidiary CLH (132) Pte Ltd and will be funded by internal resources, GLP said on Wednesday.

CLH Chongqing owns Chongqing Puqing Logistics Facilities Co Ltd.

As at Feb 28, the book value and net tangible asset value of the 50 per cent interest in CLH Chongqing was 60.14 million yuan, based on China's accounting standards that require properties to be stated at historical depreciated cost.

Following the acquisition, CLH Chongqing will become an indirect subsidiary of GLP.

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