China’s HNA to buy Singapore’s CWT for S$1.4b

Posted on Posted in News-EN

HNA, one of China’s most acquisitive conglomerates with businesses spanning aviation to financial services, has been snapping up assets overseas.

HNA Holding Group has offered to buy Singaporean logistics firm CWT Group for S$1.4 billion (US$1 billion), reflecting its latest asset purchase after having spent more than US$30 billion on acquisitions around the world since last year.

The Hong Kong-listed unit of HNA Group would offer S$2.33 each for CWT’s 600.3 million outstanding shares, representing a 13 per cent premium above the stock’s last trading price on April 5 before it was suspended, pending an announcement, the company said in a stock exchange filing on Sunday night.

HNA Group is a Chinese conglomerate based in Hainan with businesses ranging from financial services, tourism and aviation. It is also the owner of Hainan Airlines.

HNA’s listed arm proposes HK$9.26b rights issue to fund Kai Tak land purchases

Established in 1970 as a private arm of the Port of Singapore Authority, CWT is a leading provider of logistics, commodity trading, financial and engineering services with operations in 90 countries. The company was listed on the Singapore Exchange in 1993.

Its commodities trading business includes physical trading, warehouse and supply chain management of base metal non-ferrous concentrates and other minor metals and energy products like naphtha and distillates

Leave a Reply

Your email address will not be published. Required fields are marked *