(Registration No. 200715832Z) (Incorporated in Singapore on August 28, 2007)
NOTIFICATION ON AN INDIRECT ASSOCIATED COMPANY AND AN INDIRECT SUBSIDIARYGlobal Logistic Properties Limited (the "Company") wishes to announce the following:
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Incorporation of an indirect associated company
Global Logistic Properties Suzhou Share Service Co., Ltd., an indirect subsidiary of the Company, has subscribed 20% interest in a newly-incorporated associated company known as Snowlink IOT Technology Service Co., Ltd. ("Snowlink IOT"). Information relating to Snowlink IOT is as follows:
Name of company : Snowlink IOT Technology Service Co., Ltd. Country of Incorporation : China
Registered Capital : RMB50,000,000
Principal activities : Development of Internet of things technology and provision of
solutions and service in cold logistic and storage area
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Acquisition of a new indirect subsidiary
CLF2 Investment Holding (Shanghai) Co., Ltd., an indirect subsidiary of the Company, has acquired a wholly-owned subsidiary known as Kunshan Qifa Supply Chain Management Co., Ltd. ("Kunshan Qifa") for a cash consideration of RMB246,000,000 (the "Consideration"). Information relating to Kunshan Qifa is as follows:
Name of company : Kunshan Qifa Supply Chain Management Co., Ltd. Country of Incorporation : China
Registered Capital : RMB145,020,514
Principal activities : Management of supply chain, wholesale, import/export and
provision of distribution facilities and services
The Consideration was arrived at on a "willing-buyer willing-seller" basis after arm's length negotiations, taking into account the book value of Kunshan Qifa at the time of the acquisition and was funded by internal resources.
As at 28 February 2017, the book value and net tangible asset value of Kunshan Qifa was RMB145,405,118. The book value is based on People's Republic of China's Accounting Standards for Business Enterprises, which requires properties to be stated at historical depreciated cost.
Following the acquisition, Kunshan Qifa will become an indirect subsidiary of the Company.
The acquisition is not expected to have any material impact on the net tangible asset value and earnings per share of the Company for the financial year ended 31 March 2017.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above acquisition, 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
GLOBAL LOGISTIC PROPERTIES LIMITED
Fang Xie, Heather Chief Financial Officer
13 April 2017
Global Logistic Properties Limited published this content on 13 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 13 April 2017 10:18:11 UTC.
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