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HONG KONG, Sept 7, 2017 - (ACN Newswire) - HNA Holding Group Co. Limited ("HNA Holding" or the "Company", stock code: 521.HK) is pleased to announce that 100% of shares voted at a general meeting held today were in favor of the ordinary resolution relating to the voluntary conditional offer for all the issued and paid-up shares in CWT Limited ("CWT", together with its subsidiaries "CWT Group") (other than those already owned, controlled or agreed to be acquired by its wholly-owned subsidiary HNA Belt and Road Investments (Singapore) Pte. Ltd., its related corporations and their respective nominees), and the Company has made voluntary conditional general offer for CWT.
As set out in the formal offer announcement, HNA Holding shall acquire all the issued and paid-up shares in CWT, at a cash consideration of S$2.33 per Share. The acquisition is valued at approximately S$1.4 billion. The Company has already received irrevocable written undertakings from certain shareholders of CWT, who own approximately 65.13% of all CWT Shares.
Upon the completion of this acquisition, CWT Group is expected to be a wholly-owned subsidiary of HNA Holding. CWT is a Singapore-listed company and a leading international integrated logistics solution provider engaged in logistics services, commodity trading, financial services and engineering services through its regional office and service partner network covering more than 90 countries. In the first half of 2017, the revenue of CWT was S$5.19 billion (equivalent to approximately HK$30.0 billion), representing a 22% increase year-on-year. Net profit was S$80.16 million (equivalent to approximately HK$463 million), increasing 115% year-on-year.
Upon completion of the acquisition, it is expected to strengthen HNA Holding's financial basis, create a clearer business structure, enhance the Company's operating conditions significantly and ultimately generate a long-term stable income. With the nation promoting the "One Belt One Road" initiative, this acquisition is expected to drive the integration of the trade and financial industries in the countries along the Belt and Road, particularly in Southeast Asia, creating powerful synergies and benefits and boosting regional economic development.
HNA Holding said, "This acquisition has accurately reflected HNA Holding's implementation of the 'One Belt One Road' policy and active practice of the strategic development concept of 'facilities connectivity, unimpeded trade and financial integration.' Looking ahead, guided by the Company's prudent and justifiable investment policy as well as our long-term strategy, HNA Holding expects to grasp opportunities presented by the national policy to explore new businesses, so as to further strengthen our profitability, and create greater value for shareholders and investors."
Topic: Press release summary
Source: CWT International Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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