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Global Logistic Properties (GLP), via an indirect subsidiary, has fully acquired Shanghai Jingxi Business Consulting Co. for 350 million yuan (S$72 million).
Arrived at on a willing-buyer, willing-seller basis, the consideration took into account “the amount of capital invested in Shanghai Jingxi and an agreed return on such investment, and was funded by internal resources”.
The Chinese firm’s book value and net tangible value stood at 350 million yuan (S$72 million) as at 31 December 2016.
In an SGX filing, GLP revealed that Shanghai Jingxi’s acquisition will see the group owning a 45.6 percent stake in Beijing Capital Farm Limited Company.
GLP does not expect the transaction to materially affect its net tangible assets and earnings per share for the financial year ending 31 March 2017.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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