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China's HNA makes US$995m offer for Singapore logistics firm CWT Ltd
CHINESE conglomerate HNA Holding Group Co Ltd has made an offer of SGD1.4 billion (US$995 million) to acquire Singapore-based commodities and logistics company CWT Ltd, the SCMP reported and quoted by American Shipper.
HNA said the deal is subject to government approval in China, the European Union and other countries.
The offer for the Singapore-listed CWT comes on the heels of HNA's $6 billion purchase of Irvine, California-based Ingram Micro, a supply chain and technology services provider.
"CWT was set up in 1970 as a private arm of the Port of Singapore Authority (PSA) to provide warehousing and container trucking services in support of the onset of container terminal operations," according to CWT's website.
"One of the earliest logistics and trucking companies in Singapore, we diversified into other logistics and related services, including the provision of warehouse management services for the storage and handling of soft and hard commodities, freight forwarding services and engineering services."
CWT said it offers global network connectivity to approximately 200 direct ports and 1,600 inland destinations, operating in more than 90 countries, including the United States.
In 2016, CWT had a net profit of SGD79 million on revenues of SGD9.25 billion, year-over-year declines of 31 per cent and 7 per cent, respectively.
According to CWT's 2015 annual report, 89 per cent of the company's revenues came from its commodity marketing business, and just 9 per cent from its logistics services. Broken down by location, 49 per cent of its revenues came from China, 11 per cent from Singapore, 35 per cent from other countries in Asia, and 1 per cent from America.
HNA said the deal is subject to government approval in China, the European Union and other countries.
The offer for the Singapore-listed CWT comes on the heels of HNA's $6 billion purchase of Irvine, California-based Ingram Micro, a supply chain and technology services provider.
"CWT was set up in 1970 as a private arm of the Port of Singapore Authority (PSA) to provide warehousing and container trucking services in support of the onset of container terminal operations," according to CWT's website.
"One of the earliest logistics and trucking companies in Singapore, we diversified into other logistics and related services, including the provision of warehouse management services for the storage and handling of soft and hard commodities, freight forwarding services and engineering services."
CWT said it offers global network connectivity to approximately 200 direct ports and 1,600 inland destinations, operating in more than 90 countries, including the United States.
In 2016, CWT had a net profit of SGD79 million on revenues of SGD9.25 billion, year-over-year declines of 31 per cent and 7 per cent, respectively.
According to CWT's 2015 annual report, 89 per cent of the company's revenues came from its commodity marketing business, and just 9 per cent from its logistics services. Broken down by location, 49 per cent of its revenues came from China, 11 per cent from Singapore, 35 per cent from other countries in Asia, and 1 per cent from America.
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