A subsidiary of HNA Group Co. Ltd. has told the Hong Kong Stock Exchange that it intends to make an offer to acquire Singapore-listed logistics firm CWT Ltd., Reuters reported April 9.

Valued at S$1.399 billion, the deal would involve HNA Holding Group Co. Ltd subsidiary HNA Belt and Road Investments (Singapore) Pte. Ltd buying 600 million CWT shares at S$2.33 each, Reuters said.

According to Reuters, the price to be offered "represents a 13.11% premium over CWT's last traded price of S$2.06" on April 5.

As of April 7, US$1 was equivalent to S$1.40.