FINANCIAL SERVICES | Staff Reporter, Singapore

GLP acquires Hallmark International Investment for $165.7m

Hallmark’s net tangible asset value is worth $61m.

Global Logistic Properties Limited (GLP) acquired Hallmark International Investment Limited (Hallmark) for $165.7m (US$121.6m).

According to its announcement, GLP was bought through an indirect subsidiary, CLF2 Singapore Pte. Ltd.

Hallmark holds a 100% stake in Kunshan Huacheng Weaving & Dyeing Co., Ltd. (Kunshan Huacheng). It manufactures and sells fabrics-related products.

As of 30 June 2017, Hallmark's consolidated book value and net tangible asset value stands at $61m (US$44.8m).

Following the acquisition, Hallmark and Kunshan Huacheng will become GLP's indirect subsidiaries.

This is not expected to affect the company's performance for the fiscal year.

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