“HNA bought CWT because of the ‘One Belt, One Road' initiative and they are looking to grow that part of the business considerably,” a source close to the company said
HNA’s subsidiary, HNA Holding Group Co Ltd, completed the purchase of Singapore-based logistics firm CWT Ltd on September 27 after a three-year negotiation deal was agreed and valued at more than $1 billion.
CWT Ltd includes CWT Commodities as well as commodity marketing company MRI Trading and financial services provider Straits Financial.
“They want to grow the business four-fold in five years, spread equally across the three companies,” the source said.
CWT Ltd declined to comment.
But, demonstrating its commitment to CWT,...