Singapore company could be a major beneficiary of China’s Belt and Road Initiative.

China's HNA Holding Group said it would make an offer to acquire Singapore-listed logistics firm CWT Ltd. for 1 billion US dollars.

The Chinese conglomerate said in a filing to the Hong Kong Stock Exchange late on Sunday that its subsidiary HNA Belt and Road Investments (Singapore) Pte. Ltd. would offer to purchase 600 million CWT shares at 2.33 Singapore dollars apiece, which values the deal at 1.399 billion Singapore dollars (996 million US dollars).

HNA said its proposed acquisition of CWT would see the Singapore company benefit from China’s Belt and Road Initiative, an infrastructure and trade network connecting Asia with Europe and Africa along ancient trade routes.‍

HNA, one of China's most acquisitive conglomerates with businesses spanning aviation to financial services, has been snapping up assets overseas.

The offer for CWT is the latest in a series of purchases by HNA as it looks to expand its travel-to-property empire beyond the country’s borders. Last month, HNA was seeking to buy a stake in Swiss airport retailer Dufry AG, which is currently valued at 7.6 billion dollars.

CWT, incorporated in 1970 as a private arm of the Port of Singapore Authority, has interests which include logistics services, commodity marketing, financial services and engineering services.

The offer represents a 13.11 percent premium over CWT's last traded price of 2.06 Singapore dollars on Wednesday. HNA said in the filing that it intended to keep CWT's management team.

(Source: Reuters)