GLP signs new leases with 3PL companies in China; buys Shanghai company for S$72 mil – The Edge Markets MY

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Translated by Google Translator: 

Translated by Google Translator:



SINGAPORE (Feb 20): GLP, the provider of modern warehouse facilities, has signed 1.1 million sf of new leases with third party logistics (3PL) companies in China over the past two months.

The customers are serving domestic distribution demand from the express delivery and less-than-truckload (LTL) sectors.
 
With these leases, GLP establishes a new customer relationship with Yimidida, while extending partnerships with three existing 3PL customers, including Best Logistics.

In an aftermarket filing on Monday night, GLP also announced it bought a company in China called Shanghai Jingxi Business Consulting Co for 350 million yuan (S$72 million) in cash.

GLP said its indirect subsidiary had bought 100% of Shanghai Jingxi, and that after the purchase, holds about a 45.6% stake in Beijing Capital Farm.

GLP did not say what business Shanghai Jingxi or Beijing Capital Farm were engaged in.

Shares of GLP closed at S$2.75 on Monday (Feb 20).






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