Company Briefs: GLP


Logistics facilities provider GLP has completed an acquisition of a 15.5 per cent equity stake in China Materials Storage and Transportation Development Company.

It acquired the stake for two billion yuan (S$436 million), at 5.86 yuan per share, which is a 43 per cent discount to the last-transacted price of the Chinese firm's shares on the Shanghai Stock Exchange on Wednesday.

GLP had entered into a partnership with the firm, which is China's largest state-owned warehouse logistics provider, and plans included GLP's investment in it and a development joint venture.

The transaction bumps up GLP's net asset value by one billion yuan, or five cents a share.

GLP is the second-largest shareholder of the Chinese firm, and gets three of 11 seats on its board of directors.

The logistics firm will own 49 per cent of the joint venture, with the option to increase ownership to 50 per cent.

The joint venture is expected to invest more than 3.6 billion yuan to develop 14 million sq ft of buildable area across China, on 28 million sq ft of land area.

Vibrant Group

The logistics and real estate firm reported a 42.4 per cent drop in net profits in the three months ended Oct 31, weighed down by slower economic conditions.

The company logged $3.48 million in earnings in its second quarter, down from $6.04 million a year ago. Revenues dropped 6.3 per cent to $47.6 million, the company said in a filing on the Singapore Exchange.

Earnings per share was 0.66 cent for the three months ended Oct 31, while net asset value per share stood at 51 cents for the company.

TMC Education Corp

Education firm TMC Education has entered into two options to sell four units in Peninsula Plaza to Foundation of Rotary Clubs (Singapore) for $4.46 million.

The units are sold below their current market value of $5.62 million, the company said in a filing with the Singapore Exchange.

It said it is doing so to unlock the value of the properties, which currently do not contribute to its core business.

A version of this article appeared in the print edition of The Straits Times on December 11, 2015, with the headline 'Company Briefs: GLP'. Print Edition | Subscribe