GLP completes two billion-yuan stake buy in China logistics firm

Singapore

SEVERAL months after it was initially scheduled to close the deal, logistics provider Global Logistic Properties (GLP) has completed its acquisition of a stake in China's largest state-owned warehouse logistics provider for two billion yuan (S$435 million).

GLP said in a Singapore Exchange (SGX) filing on Thursday that it has bought a 15.5 per cent stake in China Materials Storage and Transportation Development Company (CMSTD) for 5.86 yuan per share. That was a 43 per cent discount to CMSTD's last traded price on the Shanghai stock exchange on Wednesday.