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SINGAPORE: September 07, 2017. HNA Belt and Road Investments Singapore, a subsidiary of HNA Holding Group (HK Group), has made an unsolicited offer of S$1.4 billion to acquire Singapore-based logistics company CWT.

CWT CWT was incorporated in 1970 as a private arm of the Port of Singapore Authority to provide warehousing and container trucking services in support of terminal operations. The company operates in four business segments: logistics, commodity marketing, financial services and engineering.

Last year CWT reported revenue of S$9.25 billion with logistics contributing S$831.8 million. Pre-tax profit was S$104.8 million and net profit was S$79.02 million.

The vast majority of its revenue is derived from the physical trading and supply chain management of copper, lead, zinc and other minor metals and energy products including naphtha and distillates. Last year revenue from this commodity marketing totaled S$8.16 billion.

As part of its development strategy, the HK Group says it focuses on M&A opportunities in international markets with a particular interest in logistics real estate, logistics warehousing, bulk commodity trading, logistics finance, logistics transport facilities, oil storage, marketing and transportation – "while closely monitoring the economic and trade development situation in the 'One Belt, One Road' initiative in Southeast Asia, and other regions including Hong Kong".

HNA said the rationale for acquiring CWT is because the company provides integrated logistics solutions in Singapore and internationally, with a niche market focus in the commodity, chemical, marine, F&B and wine, and industrial sectors.

CWT Group manages 10.3 million sq. ft. of owned and leased warehousing space in Singapore, which includes a 2.4 million sq. ft. mega integrated logistics hub under construction. The company also operates warehouses near key transport hubs around the world and a forwarding network of more than 100 offices and agents globally.

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