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GLP Capital Holdings (Chongqing), an indirect subsidiary of Singapore-based Global Logistic Properties (GLP), has established a new wholly-owned unit in China, according to a filing with the SGX on Monday (20 March).
Known as GLP Financial Lease (Chongqing), the company has a registered capital of 500 million yuan (approx. S$101.27 million), with its main business activities in financing, leasing and advisory.
At the same time, GLP announced that another unit, CLH (54), has acquired the remaining 50 percent stake in GLP-MC Tianjin for 35.12 million yuan (approx. S$7.11 million) in cash from a joint venture partner and an unrelated firm.
Following the acquisition, CLH (54) will completely own GLP-MC Tianjin, which holds a 100 percent interest in Tianjin Puling Warehousing Service.
The deal was funded by internal resources and is not expected to have any material impact on GLP’s net tangible asset value 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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