Gelonghui October 24?CWT INT'L (00521.HK) issued an announcement, CWT International Limited wholly-owned subsidiary CWT Pte. Limited ("CWT SG") and Toll (SCL) Ltd ("TOLL"), Albwardy Investment L.L.C. ("ABI") entered into a transaction agreement for the cooperative acquisition of the equity interest in CWT-SML Logistics LLC ("CWT-SML"), a joint venture company in Dubai warehouses in the Middle East.
In order to develop warehousing and logistics business in the Middle East, CWT SG and TOLL, together with local partner ABI, jointly established CWT-SML in Dubai, United Arab Emirates in 1997. CWT SG, TOLL and ABI own 29 per cent, 20 per cent and 51 per cent of CWT-SML, respectively.
The board of directors believes that supply chain logistics has become increasingly important after the COVID-19 epidemic and the market pays close attention to warehousing logistics assets. The proposed transaction will strengthen the CWT ╱ TOLL partnership to strengthen the Group's position in the Middle East. Looking forward to the future, CWT SG will cooperate with TOLL to give full play to the value of CWT-SML and create more income and value for shareholders.