China's HNA says preparing for shareholder meeting to approve CWT takeover offer

The HNA Group logo is seen in this illustration photo.
The HNA Group logo is seen in this illustration photo. PHOTO: REUTERS

SINGAPORE - Chinese conglomerate HNA said it has been preparing for a general meeting of its shareholders to approve its S$1.4 billion offer for Singapore-listed logistics provider CWT.

HNA needs to get their approval before it can proceed with its offer.

There have been concerns over whether the proposed takeover would carry on after China tightened its scrutiny of the debt-financed overseas acquisition spree of a handful of conglomerates like HNA, Dalian Wanda and Anbang.

CWT, in an exchange filing on Wednesday night (July 26), said it sought an update from HNA on its offer after the Hong Kong-listed group filed that certain anti-trust pre-conditions had been satisfied.

CWT said that in response, HNA said it has informed its shareholders that a general meeting is scheduled to be held between the end of August and early September this year, though the exact time of the meeting will be disclosed later.

 
 

HNA has until Sept 9, five months from the day of its offer announcement, to fulfil all pre-conditions before it can proceed with its S$2.33 a share offer.