CWT to be delisted with HNA crossing 90% ownership threshold

CWT said that with the public float of its shares now falling below the minimum threshold of 10 per cent, the Singapore Exchange will suspend the trading of CWT shares at the close of the offer on Nov 2 at 5:30pm.
CWT said that with the public float of its shares now falling below the minimum threshold of 10 per cent, the Singapore Exchange will suspend the trading of CWT shares at the close of the offer on Nov 2 at 5:30pm.PHOTO: CWT

SINGAPORE - In a pre-market filing on Thursday (Oct 19), Chinese conglomerate HNA Holding Group said its control of CWT has crossed the 90 per cent ownership threshold and it will proceed to delist the Singapore-listed logistics company.

Following its conditional general offer for CWT at S$2.33 per share, which was launched on Sept 7, HNA said it owns 540,870,092 shares, representing about 90.10 per cent of CWT's share capital, as at 5pm on Oct 17.

CWT said that with the public float of its shares now falling below the minimum threshold of 10 per cent, the Singapore Exchange will suspend the trading of CWT shares at the close of the offer on Nov 2 at 5.30pm.