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GLP takes 15% stake in China state-owned firm

It invests 2b yuan for stake in warehouse logistics provider

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Published Mon, Aug 4, 2014 · 10:00 PM

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GLOBAL Logistic Properties (GLP) has invested two billion yuan (S$403 million) for a 15 per cent stake in China's largest state-owned warehouse logistics provider as part of a strategic tie-up, it said yesterday.

The investment in China Materials Storage and Transportation Development Company (CMSTD) makes GLP the second-largest investor in the company, GLP said in a press release.

CMSTD is controlled by China National Materials Storage and Transportation Corporation which is fully owned by China Chengtong Holdings.

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