HONG KONG Aug 4 Global Logistic Properties Ltd
(GLP) said on Monday it will buy a 15.3 percent stake
in China's largest state-owned warehouse logistics company for 2
billion yuan ($324 million), and the two firms will form a joint
venture to be the exclusive vehicle for the Chinese company's
logistics development projects in the country.
GLP and its partner China Materials Storage and
Transportation Development Company (CMSTD) are
expected to invest over 3.6 billion yuan ($583 million) to
develop up to 1.3 million square meters of buildable area across
GLP, a provider of logistics facilities in China, Japan and
Brazil, will pay 11.82 yuan per share for the 15.3 percent stake
via a private placement, representing a 10 percent discount to
the last transacted price of CMSTD on July 25.
(Reporting by Clare Jim; Editing by Jane Merriman)