HNA Holding Group, a unit of mainland conglomerate HNA Group, will adopt the name of the Singaporean logistics and commodities company CWT Group that it acquired earlier this month in a USD 1 billion takeover, rebranding as CWT International.
Hong Kong-listed HNA Holding has a 98.1 per cent stake in CWT following the acquisition, HNA executive director Xu Haohao said in an exchange filing Sunday night.
CWT’s commodity marketing, financial services and logistics operations would also become the group’s core businesses, he said.
“The board considers that the proposed change of company name will better reflect and align with the business and development strategy of the group. Accordingly, the board considers that the proposed change of company name is in the best interest of the company and the shareholders as a whole,” Xu said in the filing.
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