GLOBAL LOGISTIC PROPERTIES LTD (Registration No. 200715832Z) (Incorporated in Singapore on August 28, 2007)
CHANGE OF INTEREST IN INDIRECT WHOLLY-OWNED SUBSIDIARY
Global Logistic Properties Limited (the "Company") wishes to announce that Japan Logistic Properties 2
Pte. Ltd. ("JLP2"), a wholly-owned subsidiary of the Company, has transferred its entire 100% stake in
GLP Japan Development TMK Holdings Pte. Ltd. (formerly known as Shiodome (11) Logistic Pte. Ltd.)
("GLPJD TMK") to GLP Japan Development Singapore Holdings Pte. Ltd. (a jointly-controlled entity of the Company) and GLP Neptune Holdings Limited (an indirect subsidiary of the Company) in the proportion of 59:41 (the "Transfer"). The total cash consideration for the Transfer is JPY10,000 (the "Consideration").
The Consideration was arrived at on a willing buyer, willing seller basis, taking into account the consolidated book value of GLPJD TMK at the time of the Transfer. The Consideration for the Transfer was funded from internal resources.
As at 31 July 2014, the book value and net tangible asset value of the shares in GLPJD TMK was
JPY10,000.
Following the above Transfer, GLPJD TMK will cease to be a subsidiary of JLP2 and an indirect wholly- owned subsidiary of the Company and will become an indirect jointly-owned entity of the Company.
The Transfer is not expected to have any impact on the net tangible asset value and earnings per share of the Company for the financial year ending 31 March 2015.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction, save for their respective interest, through their shareholdings and/or directorships, as the case may be, in the Company.
By Order of the Board of
Fang Xie, Heather
Chief Financial Officer
7 August 2014
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