GLP's Shimmer Profits disposed 50% equity interest in Shanghai Yupei

Transaction amounted to a whopping US$58.1m.

In a release, Global Logistic Properties Limited announced that its indirect wholly-owned subsidiary, Shimmer Profits Limited has disposed its entire 50% equity interest in Shanghai Yupei Group Co., Ltd. to an unrelated third party.

The aggregate consideration for the Disposal Transaction is USD58,155,512. The Sale Consideration was arrived at on a willing buyer, willing seller basis, taking into account the book value of Shanghai Yupei at the time of the disposal, and will be satisfied fully in cash.

As at 31 August 2013, the book value and net tangible asset value of the 50% equity interest in Shanghai Yupei was USD50,901,287.

Following the Disposal Transaction, Shanghai Yupei and the Shanghai Yupei Subsidiaries will cease to be jointly-controlled entities of the Company.

The Disposal Transaction 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 2014. The Disposal Transaction does not constitute a disclosable transaction as defined in Chapter 10 of the listing manual of the Singapore Exchange Securities Trading Limited.

None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the Disposal Transaction, save for their respective interest, through their shareholdings and/or directorships, as the case may be, in the Company.