GLP acquires remaining 50% of Chongqing unit

SINGAPORE - Global Logistic Properties (GLP) has acquired the remaining 50 per cent stake in CLH Chongqing Logistics Property that it does not already own for 81.63 million yuan (S$16.5 million) from a joint venture partner, the company said in a release on Wednesday.

The acquisition was undertaken via indirect subsidiary CLH (132) Pte Ltd and will be funded by internal resources, the release added.

Following the acquisition, CLH (132) Pte. Ltd.'s interest in CLH Chongqing has increased from 50per cent to 100 per cent and CLH Chongqing will become an indirect subsidiary of the Company.

The transaction is not expected to have any material impact on the net tangible asset value and earnings per share of GLP for the financial year ended March 31, 2017.