HNA unit makes formal offer for its takeover of CWT

CHINESE conglomerate HNA Holding Group has made a formal offer for its S$1.4 billion privatisation offer for CWT Limited, following a general meeting on Thursday to seek shareholders' approval to go ahead with the deal.

The general offer of S$2.33 in cash for a share of the Singapore-listed logistics group was made through HNA Holding's wholly owned subsidiary, HNA Belt And Road Investments (Singapore) Pte Ltd - an investment holding company incorporated in Singapore for the purpose of this offer.

The offer document, which will contain the terms and conditions of the offer and enclose the appropriate forms of acceptance, will be despatched to shareholders not earlier than 14 days and not later than 21 days from Thursday.

Ernst & Young Corporate Finance Pte Ltd has been appointed as the independent financial adviser (IFA) to advise the directors of the company who are regarded as independent for the purposes of the offer.

A circular containing, among other things, the advice of the IFA and the recommendation of the independent directors will be sent to shareholders within 14 days from the date of despatch of the offer document.