CWT seeks update over HNA's S$1.4b takeover as banks get jittery

Singapore

IT'S nerve-wrecking time for shareholders of CWT Limited.

It's been more than three months since Chinese conglomerate HNA Holding Group announced its proposed S$1.4 billion privatisation for the Singapore-listed logistics group, but there has been scarcely any news from the offeror since.

To make matters worse, the Singapore bride-to-be has to confront the slew of worrisome news on its potential mate, mostly about Chinese authorities and banks clamping down on the dealmaking juggernaut's wanton courtships which has resulted in almost US$50 billion of deals over two years.

There are also concerns over its debt - about 494 billion yuan (S$99.5 billion) - and its ability to service it.

Not surprising, CWT finally sought an update from HNA on its intention just as fresh reports emerged on Thursday that bankers are scrutinising the S$1.4 billion transaction in greater detail, as pressures mount domestically and overseas, threatening to curb the Chinese conglomerate's buying bin…