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Global Logistic Properties Ltd's Japan Logistic Properties 2 Pte Announces Change Of Interest In Indirect Wholly-Owned Subsidiary


Monday, 27 May 2013 06:03am EDT 

Global Logistic Properties Ltd's Japan Logistic Properties 2 Pte. Ltd. (JLP2) announced that it has transferred its entire 100% stake in Sayama Hidaka Two Pte. Ltd. (formerly known as Shiodome Three Logistic Pte. Ltd.) (Sayama Hidaka Two) 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 JPY1,000,000 (the Consideration). The Consideration was arrived at on a willing buyer, willing seller basis, taking into account the consolidated book value of Sayama Hidaka Two at the time of the Transfer. The Consideration for the Transfer was funded from internal resources. As at April 30, 2013, the book value and the net tangible asset value of the shares in Sayama Hidaka Two were JPY100,000 and negative JPY265,130. Following the above Transfer, Sayama Hidaka Two 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.