HNA takeover buzz elevates CWT by 10%

Singapore's logistics major seen benefiting from Belt and Road

The share price of Singapore-based logistics service provider CWT Ltd surged over 10 percent on Monday to close at S$2.27 ($1.61), boosted by Chinese conglomerate HNA Holding Group Co's recent decision to acquire the company.

After almost a year of exclusive talks, HNA Group plans to acquire CWT for S$1.4 billion ($1 billion), offering its shareholders S$2.33 per share in cash, representing a premium of 2.6 percent on the company's price of S$2.27 after the shares were suspended from trading on Monday.