Singapore-listed Global Logistic Properties said its unit CLF2 Singapore Pte. has acquired investment firm Hallmark International Investment for US$121.6 million.
Hallmark International is a wholly-owned subsidiary of Global Logistic Properties and owns Kunshan Huacheng Weaving & Dyeing, which manufactures fabrics related products in China.
Following the acquisition, both Hallmark and Kunshan Huacheng will become units of the company, Global Logistic said in a statement on Tuesday.
The acquisition was funded by internal resources.
The acquisition is not expected to have any material impact on the net tangible asset value and earnings per share of the Global Logistic for the financial year ending March 31, the company said.
Shares in Global Logistic Properties rose 0.3 percent to S$3.250 on the Singapore Exchange. The stock has gained nearly 48 percent so far this year.