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HNA nearly completes CWT acquisition

10/27/2017| 9:23:56 AM|

Hong Kong-listed HNA Holding Group is set to complete the acquisition of Singapore's CWT, in a move to enhance its grand development in countries and regions involved in the Belt and Road Initiative.

HNA Holding Group, controlled by HNA Group, announced on Thursday that it now controls more than 90 percent of shares in CWT.

It has given no details of when the deal is to be completed, but said it is "proceeding".

The Singapore Exchange, meanwhile, will suspend trading in CWT shares at the close of the offer on November 2, according to the Straits Times.

Total value of the acquisition will be 1.399 billion Singapore dollars (roughly USD 1 billion), according to HNA Holding Group.

Founded in 1970, CWT is a leading provider of integrated logistics and supply chain solutions. Its portfolio covers commodity marketing, financial services, engineering services and logistics.

It operates in more than 90 countries, most of which are involved in China's Belt and Road Initiative.

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TAGS: HNA | CWT | acquisition
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