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GLP forms, acquires new subsidiaries in China

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GLP forms, acquires new subsidiaries in China

Global Logistic Properties Ltd. established new units and acquired three new indirect subsidiaries in China.

Specifically, the company formed Zhuhai Puwu Logistic Development Co. Ltd. and Zhuhai Puzhong Logistic Development Co. Ltd., with each having 100.0 million yuan of registered capital. Both will engage in the operation and management of logistics facilities.

The company also established Huyi Supply Chain Management (Shanghai) Co. Ltd., with a 10.0 million yuan capital, that is designed to provide supply chain management services and will also act as a transportation agency.

Meanwhile, GLP, through its units, forked out a total of roughly 469.7 million yuan to purchase three new subsidiaries that are involved in distribution facilities and services.

CLH 81 (HK) Ltd. and GLP HK Holdings Ltd. acquired Shanghai Zhuorui Packing Co. Ltd. and Ever Gain Dongguan Investments Ltd., respectively, while Hangzhou Tianyu Management Consulting Co. Ltd. bought Mengxi Fastener (Kunshan) Co. Ltd.

Following the acquisitions, the three companies will become GLP's indirect subsidiaries.

As of Oct. 10, US$1 was equivalent to 6.59 yuan.