Shares of Singapore-listed Global Logistic Properties (GLP) (GLPL.SI), which owns warehouses in China and Japan, rose as much as 3.5% on Tuesday on expectations it will expand further into China’s booming logistics market.
At 10:23 a.m., GLP shares were 2.5% higher at $2.03 with over 5.5 million shares changing hands.
At 10:23 a.m., GLP shares were 2.5% higher at $2.03 with over 5.5 million shares changing hands.
“GLP’s recent developments in China have sparked expectations that its expansion plans in the country are underway and that we may see more developments on this front,” said a local trader.
GLP said on Monday it signed a strategic partnership agreement with Japanese manufacturer Unicharm to develop logistics facilities for the firm in China.
“Unicharm plans to further expand the sales network into regional inland cities (in China) and we think GLP is well positioned to grow with the customer given its extensive footprint,” said UBS in a report.
The company also said last week it signed a pact that will see it work more closely with Chinese online retailer Vancl.
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