Company briefs: Global Logistic Properties

Global Logistic Properties

Global Logistic Properties (GLP) has acquired an 89 per cent interest in each of Beijing Youshan Hengrong Yanong Investment Management and Beijing Youshan Hengrong Shengyue Investment Management for 448 million yuan (S$92.6 million) in cash.

Separately, GLP has appointed Ms Teresa Zhuge and Mr Victor Mok to serve as co-presidents of its China business following a decision by Mr Kent Yang, president of GLP China, to move into a senior advisory role.

Mr Yang wishes to pursue a personal venture and will work closely with the new co-presidents over the next nine months, GLP said.


Hyflux

Hyflux unit Hyflux Utility WWT (YKG) has entered into a deal to sell its entire equity interest in its wholly owned unit Hyflux Newspring (Nantong) to state-owned company Jiangsu Yangkou Port Holding for about 52 million yuan (S$10.7 million), payable in tranches. Hyflux Newspring (Nantong), incorporated in China, holds a wastewater treatment plant located in Yangkou Port, Jiangsu province.


Neptune Orient Lines

French container shipping giant CMA CGM has launched an all-cash voluntary conditional general offer for all outstanding shares of Neptune Orient Lines (NOL) other than those it already owns, controls or has agreed to acquire.

The move comes after CMA CGM got the approvals it needed from the anti-trust authorities in the European Union and China.

The offer price is $1.30 for each NOL share, which CMA CGM said it does not intend to raise.

CMA CGM owns 10.5 per cent of all NOL shares, and intends to delist and privatise NOL. Majority stakeholder Temasek Holdings, which owns 67 per cent, has agreed to sell its shares.


Yongnam Holdings

Structural steel contractor Yongnam Holdings has won two contracts worth $29.6 million for projects in Singapore and Hong Kong.

The Singapore contract, awarded by Vanguard Properties, will see Yongnam engage in the design, engineering and project management of a six-storey light industrial development at 1 and 3 Kallang Junction. The project is slated for completion by June next year. The Hong Kong contract, awarded by China Road and Bridge Corp, will commence in August and completion is targeted by end-2018.

A version of this article appeared in the print edition of The Straits Times on June 07, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe