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GLP buys new indirect subsidiaries for S$165.48mil

Aug 23, 2017
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Global Logistic Properties’ (GLP) indirect subsidiary CLF2 Singapore Pte Ltd has acquired the entire stake of Hallmark International Investment Limited for US$121.64 million (S$165.48 million), revealed an SGX filing on Tuesday (22 August).

Incorporated in the British Virgin Islands, Hallmark is an investment holding firm with a paid-up capital of US$34.8 million. It has a consolidated book value and net tangible asset value of US$44.83 million as of 30 June 2017.

Hallmark fully controls Kunshan Huacheng Weaving & Dyeing Co Ltd, a China-based firm with a registered capital of US$41.7 million that is engaged in the manufacture and wholesale of fabrics-related products.

Upon completion of the transaction, Hallmark and Kunshan Huacheng will become indirect subsidiaries of GLP, a Singapore-based warehouse operator.

The transaction was financed by internal resources and is not expected to have any material effect on the company’s net tangible asset value and earnings per share for the fiscal year ending 31 March 2018.

 

This article was edited by Denise Djong.

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