CWT to be suspended after Nov 2 as HNA's control crosses 90%

LOGISTICS company CWT will be suspended from trading after Nov 2 due to an insufficient free float, following Chinese conglomerate HNA Holding Group gaining control over more than 90 per cent of the company.

HNA, through acquisition vehicle HNA Belt and Road Investments, now own 90.1 per cent of CWT shares, or around 540.87 million shares. Singapore Exchange regulations require a free float of at least 10 per cent.

HNA's S$2.33 per share offer for CWT closes at 5.30pm on Nov 2. The shares will be suspended after that deadline. HNA has said that it intends to delist CWT.