Date
19 November 2017
Chinese conglomerate HNA Group has announced another overseas asset acquisition plan, Credit: HNA Group
Chinese conglomerate HNA Group has announced another overseas asset acquisition plan, Credit: HNA Group

HNA Group offers to buy Singapore logistics firm CWT

HNA Holding Group Co. (0521.HK) has announced an offer to buy all the shares of Singapore-listed logistics firm CWT Ltd. in a deal worth around US$1 billion.

In a filing to the Hong Kong Stock Exchange late Sunday, HNA Group said it intends to purchase 600 million CWT shares at S$2.33 apiece, through unit HNA Belt and Road Investments (Singapore).

The offer represents 13.1 percent premium over CWT’s last traded price on April 5, Reuters reports.

CWT, incorporated in 1970 as a private arm of the Port of Singapore Authority, has interests which include logistics services, commodity marketing, financial services and engineering services.

HNA said in the filing that it plans to retain CWT’s existing management team following the acquisition.

The deal marks the latest in a series of overseas asset purchases by the Hong Kong-listed Chinese conglomerate, which has businesses spanning aviation to financial services. 

HNA said in the filing that the CWT deal will help it to leverage an established international platform, become a leading logistics player and diversify its property investment portfolio.

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RC

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